He expects 2018 to be another challenging year, and added: “The market’s 2017 results are proof, if any were needed, that business as usual is not sustainable. Lloyd ’s of London reported losses of £ ##500 ( $ 2.8bn ) last year , its first decline in six years , due to the impact of extreme weather on the insurance market . Events including hurricanes Harvey , Irma and Maria saw the specialist insurance market pay out £ 4.5bn in damage , more than double the £ 2.1bn paid the previous year . Lloyd ’s was particularly affected by the hurricanes , which accounted for 60 % of the losses , as Canada and the US comprise 40 % of its business . Last year was the second costliest on record in terms of natural disasters , with an estimated $ 500 of global losses .
Lloyd ’s of London reported losses of £ ##500 ( $ 2.8bn ) last year , its first decline in six years , due to the impact of extreme weather on the insurance market . Events including hurricanes Harvey , Irma and Maria saw the specialist insurance market pay out £ 4.5bn in damage , more than double the £ 2.1bn paid the previous year . Lloyd ’s was particularly affected by the hurricanes , which accounted for 60 % of the losses , as Canada and the US comprise 40 % of its business . Last year was the second costliest on record in terms of natural disasters , with an estimated $ 500 of global losses .