Lloyd’s of London Sees ‘Large Loss’ Due to Suez Canal Blockage

A man walks out of Lloyd's of London's headquarters in the City of London, Britain, July 31, 2018. Simon Dawson/Reuters

LONDON—The blockage of the Suez Canal for nearly a week will result in a “large loss” for Lloyd’s of London, its chairman said on Wednesday, as the insurance market recorded a 900 million pound ($1.2 billion) pretax loss in 2020 due to the COVID-19 pandemic.

The Canal is working to clear the backlog after the refloating this week of a stranded giant container ship. The blockage threw global supply chains into disarray.