Spike in Zurich UK’s life insurance payments & more…Keep up with what has been happening this week in our latest insurance news round-up…

Willis Towers Watson partners with the University of Oxford to research cyber risks

Willis Towers Watson, an insurance and reinsurance broker has partnered with the University of Oxford in a collaboration to conduct research into the key areas of cyber security risk.

London Homeowners pay 31% more insurance than UK average

Figures from Quotezone, an insurance comparison website, has found that homer owners in London pay 31% more than the UK average to insure property and contents; with the standard UK home insurance policy being £132 whereas in London it rises to £174.

Lloyd’s to pay £5bn in Covid-19 insurance payouts

Insurance market, Lloyd’s of London, has said that it expects to pay £5bn in insurance payouts relating to the coronavirus pandemic. This comes after they have reported that in the first half of 2020, the claims totalled £2.4bn.

Insurers must support mental health issues caused by Covid-19 pandemic

An Insurance Analyst at GlobalData has said that insurers need to consider the ‘fluctuating tisk environment created by the pandemic; especially as mental health is not typically covered in standard policies’. This was said after a poll showed that 27% of respondents want to go back to work full time; whilst 46% want a mix of home and office working.

Lloyd’s of London’s new programme will help insurance innovation

Lloyd’s of London have revealed that their new “Response to COVID-19” programme will help the insurance sector create coronavirus related innovations to the marketplace as quickly as possible during these uncertain times.

Spike in Zurich UK’s life insurance payments

In the first half of 2020, Zurich UK has paid over £154.2m in life insurance claims to support over 3,200 customers with life insurance policies. Some of these claims include those affect by the coronavirus pandemic, where Covid-19 related payments were over £4.5m.