Adds detail, background, CEO quote
LONDON, Oct 12 (Reuters) – Lloyd’s of London SOLYD.UL is reviewing the way insurance products are designed and sold as it calls for simpler products in response to the coronavirus pandemic, the commercial insurance market said on Monday.
Insurers have suffered reputational damage as a result of complex products which are hard for businesses to understand, leading to court cases over whether policyholders are covered for the pandemic in countries including Britain, France and the United States.
“The insurance industry must urgently reassess how it can better serve and support its customers,” Lloyd’s Chief Executive John Neal said in a statement.
He said it was imperative to build simpler insurance products that are more easily understood.
Lloyd’s, which runs an insurance market of more than 90 syndicate members, said it would review how products were developed, designed and sold.
It also laid out recommendations