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Company News

Lloyd's of London wants simpler insurance products due to COVID-19

LONDON, Oct 12 (Reuters) - Lloyd’s of London is reviewing the way insurance products are designed and sold as it calls for simpler products in response to the coronavirus pandemic, the commercial insurance market said on Monday.

Insurers have suffered reputational damage as a result of complex products which are hard for businesses to understand, leading to court cases over whether policyholders are covered for the pandemic in countries including Britain, France and the United States.

Reporting by Carolyn Cohn Editing by Tommy Wilkes

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