"Wholesale insurance has always embodied Dickensian paradox. For brokers and underwriters, the worst disaster would be a world without disasters. Covid-19 should reset prices and speed modernisation of the London market more radically than any crisis so far this century. 

Insurance capacity would shrink by 10 per cent in an extended downturn, Ming Zhu of Panmure Gordon estimates. Some weaker insurers will collapse or be absorbed. Lloyd’s is not badly exposed as a whole — expected claims are below its 5-10 per cent world market share. But a few syndicates are bound to struggle with steep losses."

LEX in FT 15th May, 2020

The challenge for chief executive John Neal is to discourage backsliding as members return to Lime Street to deal with their $4.3bn hit. As for stopping lunchtime drinking, that victory may only last as long as local pubs remain shut.