Sunday, April 22, 2018

Lloyd’s expects to post a net loss for 2017

Lloyd’s is bracing for a net loss this year, the first time the insurer has raised a profit warning in recent years.

The company expects net losses of US$4.5 billion owing to the destruction brought about by hurricanes Harvey and Irma.

Analysts estimate that the claims from these disasters will consume most of the insurer’s capital and affect its profitability.

Lloyd’s chief executive Inga Beale said the second half of this year has been a tough period, with the company facing claims not only from hurricanes, but also from Mexican earthquakes and Asian floods and typhoons.

During the first half of 2017, Lloyd’s reported a 16% dip in its profits.

It has already paid out over US$160 million in claims from Harvey and over US$240 million from Irma.

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