British Insurers to Pay $1.5 Billion in Virus Claims, ABI Says

British insurers are on the hook for more than 1.2 billion pounds ($1.5 billion) in claims from businesses and individuals hit by the coronavirus pandemic, according to the industry’s trade body.

Initial estimates put payments for business interruption at 900 million pounds, followed by a record 275 million-pound payout for canceled travel, the Association of British Insurers said Saturday in response to a request for information from Parliament’s Treasury Committee. Everything from disrupted school trips to postponed weddings will also incur charges, it said.

The working figures exclude claims issued via Lloyd’s and the London Market, which would provide a ...