Lloyd’s posts £3.4bn underwriting loss for 2017
Lloyd’s has posted its first aggregate pre-tax loss in six years as major claims more than doubled in 2017, causing an underwriting loss of £3.4 billion.
Overall, the market reported an aggregated pre-tax loss of £2 billion for 2017 after a pre-tax profit of £2.1 billion in 2016. Major claims for 2017 more than doubled to £4.5 billion from £2.1 billion over the period. This “significant” claims activity generated an underwriting loss of £3.4 billion for 2017 after a £0.5 billion profit in 2016, and resulted in a combined ratio of 114.0 percent after 97.9 percent in 2016, according to a company statement.
“The market experienced an exceptionally difficult year in 2017, driven by challenging market conditions and a significant impact from natural catastrophes,” said Lloyd’s CEO Inga Beale. “These factors mean that for the first time in six years Lloyd’s is reporting a loss,” Beale added.
The Lloyd’s market has paid a total of £18.3 billion in claims gross of reinsurance during 2017. Nevertheless, total resources remain “strong” at £27.6 billion, according to the statement. Lloyd’s capital position continues to be “robust” and the ratings with the leading ratings agencies remain at A (excellent) from AM Best, A+ (strong) from Standard & Poor’s and AA- (very strong) from Fitch.
Join us at Intelligent Automation in Insurance - London 2018. Spring Special: Book before March 31st and save £200.
More of today's news
AXIS pays departing A&H CEO $1.8m
UK P&C outlook negative as challenges are set to last
Lloyd's hires US Northeast regional director from BMS
Reinsurers targeting primary business will drive growth for Davies Group
Paraline hires GC Securities' managing director
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze