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Coronavirus: where insurers fear to tread

The state has stepped in where insurers will not—but what is the future of their industry?

By Merryn Somerset Webb  

Last week the UK’s big insurers cancelled their dividend payments. If you had been relying on Aviva, RSA, Direct Line or Hiscox to provide you with any of your income this year, too bad. Legal & General aside they aren’t paying out: that adds up to around £1.3bn that shareholders thought they were getting that they now aren’t getting. The Bank of England suggested this in early March and the Prudential Regulation Authority would like to be clear that they consider it a “prudent decision.”

It makes some sense of course.…

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