Following one of the costliest years for natural catastrophes in the past decade, Lloyd’s has announced an aggregated market loss of US$2.7bn for 2017.
A total of $23.6bn in claims gross of reinsurance was paid out by the Lloyd’s market during 2017.
The frequency and scale of the disasters that struck around the world in the second half of 2017 saw major claims costing the Lloyd’s market $5.8bn, more than double the previous year (2016: $2.8bn).
Lloyd’s Chief Executive, Inga Beale, said:
“The market experienced an exceptionally difficult year in 2017, driven by challenging market conditions and a significant impact from natural catastrophes. These factors mean that for the first time in six years Lloyd’s is reporting a loss.
“Lloyd’s is here to support customers when it matters most, providing the financial support to enable businesses, governments, and most importantly people to recover and rebuild their lives as quickly as possible and I’m proud of the market’s response.”
According to a statement by the company, the Lloyd’s market has worked hard to pay claims to policyholders as quickly as possible throughout the year. A total of $23.6bn in claims gross of reinsurance was paid out by the Lloyd’s market during 2017, demonstrating the critical role the market plays in helping businesses, communities and countries recover quickly after disasters.
Lloyd’s says it has met these substantial commitments without any significant impact on total resources which remain strong at $37.2bn.