| Lloyds Announces $1,122 Million Loss For First Half Of 2011 |
Lloyds Announces $1,122 Million Loss For First Half Of 2011Lloyds of London announced on Wednesday, September 21, that it had suffered pre-tax losses of GBP 697 million ($1,122 million) for the first six months of this year compared to a profit of GBP 628 million ($982.5 million) for the same period last year. The world’s leading specialist insurance market, said the first six months of this year had been the costliest on record for major catastrophes and that 2011 is likely to be the second most expensive year ever for insurers. Combined ratio for the first six months increased to 113.3% (98.7% in 2010). Lloyds said this still compared favorably with the Bermudian reinsurance (117%) and U.S. reinsurance (116%) industries’ combined ratios. Lloyd’s Chairman, Lord Levene, said: “2011 has already been one of the most challenging years on record for the insurance industry with major natural catastrophes devastating communities in Australia, New Zealand, Japan and the U.S.” “Lloyd’s ability to pay billions in claims to help these communities rebuild is unquestioned and the fact that we have managed to do so without any call on our central capital reserves is testament to the markets exposure management.” Lloyd’s Chief Executive, Richard Ward, added: “These are tough times for the insurance industry, but we are well positioned to handle them. Despite incurring $10.8 billion in claims from the costliest first half year on record, Lloyds entered the second half of the year with $92 billion in net assets to support our business and pay claims.” |
