2011 demonstrated the true ferocity of nature. It was a year that saw Queensland devastated by Cyclone Yasi, Christchurch by further earthquakes and Japan by an earthquake and subsequent tsunami.
1, 600 tornadoes battered US states in the South and Midwest and Hurricane Irene wreaked havoc on businesses and communities. As the year ended, the floods in Thailand caused further devastation.
For the Lloyd’s market it was the largest catastrophe claims year on record, and Lloyd’s today announced a loss of £516 million for 2011. The Lloyd’s market incurred total net claims of £12.9 billion, including £4.6 billion of catastrophe claims.
Chief Executive Richard Ward said: “Make no mistake, 2011 was a difficult year for the insurance industry. Given the scale of the claims, a loss is unsurprising but it reflects what we’re here to do – help communities and businesses rebuild after disaster.
“It is also reassuring that, despite this loss, our financial strength has been maintained. It’s testament to Lloyd’s robust oversight and professionalism in the market today.”