Coronavirus: UK house prices growth ‘grinding to a halt’ April 2, 2020 UK house prices rose three per cent last month just before the coronavirus outbreak hit, according to Nationwide figures released today. But the bank warned housing market activity is “grinding to a halt” as the coronavirus lockdown stops buyers and sellers from viewing properties. Banks have also withdrawn mortgages or made it tougher to secure [...]
FTSE 100 tumbles after coronavirus forces banks to cut dividends April 1, 2020 The FTSE 100 closed down 3.4 per cent at 5,478 points today after the UK’s major banks were punished by investors after scrapping dividends last night. The fall came after the index finished its worst quarter since 1987 yesterday. Shedding more than 24 per cent of its value, the FTSE 100 was pummelled over fears [...]
13-year-old boy from London dies as UK coronavirus death toll jumps April 1, 2020 A 13-year old boy from Brixton who was treated for coronavirus has died, London’s King’s College Hospital has confirmed, as UK coronavirus cases continue to rise. Ismail Mohamed Abdulwahab, from Brixton in south London, is believed to be the youngest person to die from the coronavirus in the UK. A spokesperson for the hospital said [...]
Lloyd’s of London boss expects claims spike as market enacts coronavirus response plan March 26, 2020 The chief executive of insurance market Lloyd’s of London said today he expected a spike in claims as a result of the coraonvirus pandemic. Speaking to City A.M., John Neal said “I think we will have heightened claims activity,” but said it was not yet possible to predict the full impact. Neal said Lloyd’s has [...]
Lloyd’s swings back to profit, but says coronavirus impact ‘uncertain’ March 26, 2020 Lloyd’s of London said today it is in a “strong” position to support people amid the coronavirus outbreak, as it swung back into profit for 2019. Lloyd’s swung from a £1bn loss in 2018 to a pre-tax profit of £2.5bn last year, it revealed today. But chief executive John Neal said the insurer’s “primary focus” [...]
Treat customers fairly during coronavirus crisis, watchdog tells insurers March 19, 2020 Changes in how the public go about their lives because of the coronavirus pandemic must not make it harder for them to make insurance claims, the financial regulator has warned insurers. The Financial Conduct Authority (FCA) has urged firms to treat customers fairly and be transparent during the outbreak, noting that many consumers will be [...]
Coronavirus: Lloyd’s of London to close underwriting room from today March 19, 2020 Insurance market Lloyd’s of London is to close its underwriting room from 4pm today because of the coronavirus crisis. Last Friday it closed its underwriting room, which is at the heart of its Lime Street headquarters, to simulate a shutdown and test its contingency systems. Lloyd’s has been trying to push the market to move [...]
Britain’s biggest banks warn coronavirus pandemic will hit income March 17, 2020 Some of the largest banks in Britain have warned the coronavirus pandemic will hit their already under-pressure earnings, with a decline in economic activity eating into fee income. Lloyds will delay part of a £3bn technology investment programme in response to the coronavirus pandemic to maintain its capital levels, its chief executive said today, as [...]
ECB stimulus measures underwhelms investors disappointed by lack of rate cut March 12, 2020 The European Central Bank has unveiled a fresh stimulus package to help fight the economic impact of the coronavirus pandemic , but markets were left dismayed as the ECB unexpectedly stopped short of an interest rate cut. With millions of European citizens under lockdown and equities across the continent in freefall, the ECB had come [...]
Lloyd’s of London announces coronavirus shutdown simulation March 12, 2020 Insurance market Lloyd’s of London said it will close its underwriting room at its London headquarters tomorrow to simulate a coronavirus shutdown. Lloyd’s said it will “test the resilience of the market” by closing the underwriting room at One Lime Street for 24 hours to test “alternative trading protocols”. The room will be closed from [...]