Lloyd’s profits hit by catastrophe claims

first_img Show Comments ▼ Share alison.lock by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailBrake For ItThe Most Worthless Cars Ever MadeBrake For ItSenior Living | Search AdsNew Senior Apartments Coming to Scottsdale (Take A Look at The Prices)Senior Living | Search AdsSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBeDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaHistorical GeniusHe Was The Smartest Man Who Ever Lived – But He Led A Miserable LifeHistorical Genius London’s insurance market Lloyd’s of London has posted a £2.2bn pre-tax profit for 2010 despite a year of heavy catastrophe losses for the industry.Lloyd’s, which operates in 175 countries, wrote £22.6bn of gross premiums last year, up 2.9 per cent from £22bn in 2009, but pre-tax profit fell 43 per cent from the £3.9bn made in 2009.But capital and reserves and central assets both rose to all-time highs of £19.1bn and £2.4bn respectively as Lloyds strengthened its position and recovered assets from insolvent member companies.“The result for the year was significantly affected by the earthquakes in Chile and New Zealand as well as the loss of the Deepwater Horizon oil rig in the Gulf of Mexico,’ said Lloyd’s chairman Lord Levene.Lloyd’s paid £2.2bn of net ultimate claims last year, substantially higher than its £1.1bn average over the past 15 years.It had a combined ratio – a measure of its profitability – of 93.3 per cent, above 2009’s 86.1 per cent level but still profitable despite the high claims.Profits and combined ratio were helped by the release of capital reserves held against catastrophes in the past, which reduced its combined ratio by 5.9 percentage points. The insurance industry has been dogged by overcapacity, with insurers starting to write business at thin or unprofitable margins in order to gain market share. Lord Levene warned the industry to be aware of the challenging environment.“The current high levels of capital in the industry continue to drive down rates and profitability will continue to be a challenge for the market in 2011,” he said.“The critical issue for the market is to walk away from business offered at rates which are not sustainable.”Lloyd’s is made up of 52 managing agent insurance companies including names such as Brit Insurance, Hiscox, Amlin and Aegis. Wednesday 30 March 2011 3:05 amcenter_img Read This NextWATCH: Shohei Ohtani continues home run tear, Los Angeles Angels winSportsnautYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofBaked Sesame Salmon: Recipes Worth CookingFamily Proof’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof whatsapp whatsapp Lloyd’s profits hit by catastrophe claims Tags: NULLlast_img

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