Home Insurance and Reinsurance Lloyd’s weathers superstorm and reports profit of £2.8bn

Lloyd’s weathers superstorm and reports profit of £2.8bn

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LISW willis lloydsWed 27 Mar 2013 –  Lloyd’s has announced a profit of £2.77bn for 2012, marking a return to profit following last year’s loss of £516m, which was the costliest year on record for natural catastrophes.

Speaking about the result, Lloyd’s CEO, Richard Ward said: “The Lloyd’s market has posted a strong result.  This is despite experiencing one of the costliest natural catastrophes in history, Superstorm Sandy, and incurring net claims of £10bn.

“While the economic environment remains challenging, the Lloyd’s market is capitalised at record levels and our overall financial strength is recognised in our A+ ratings.”

Gross written premium reached a record high of £25.5bn, while total net incurred claims were £10.1bn, down from £12.9 billion in 2011.

Claims included $2.2bn (£1.35bn) from Superstorm Sandy which struck the Caribbean and North America in October 2012, becoming one of the largest claims in Lloyd’s 325 year history.

Chairman of Lloyd’s John Nelson said: “In 2012 we launched Vision 2025 – the market’s vision for profitable, sustainable growth, focusing on the opportunities that lie in the high growth economies around the world.

“These results, combined with our capital strength, are a good platform from which to work towards our vision of maintaining our position as the global centre for specialist insurance and reinsurance in 2025.”

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1 comment

Paul April 5, 2013 - 8:19 PM

This is great news for Lloyd and for the insurance and reinsurance industry. For a company to report one of their largest claims last year in their 325 year history is pretty impressive.

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