Lloyd’s of London sees loss after natural catastrophes

The insurance market Lloyd’s of London has announced a loss for 2011, saying it was its worst year for catastrophe claims.

It lost £516m in 2011, compared with a pre-tax profit of £2.2bn in 2010.

It incurred net claims of £12.9bn in the year, including £4.6bn of catastrophe claims.

Catastrophes during the year included flooding in Australia and Thailand, the earthquake and tsunami in Japan and the earthquake in New Zealand.

“Make no mistake, 2011 was a difficult year for the insurance industry,” said Lloyd’s chief executive Richard Ward.

BBC has the full article

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