Lloyd’s of London experienced losses of £2bn ($2.8bn) last year, its first decline in six years, due to the impact of extreme weather on the insurance market. Beale said she was “not proud of that at all” and that Lloyd’s was taking action, having signed up to the government’s women in finance charter and introduced a back to work programme for parents. Events including hurricanes Harvey, Irma and Maria saw the specialist insurance market pay out £4.5bn in claims, 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 50% of its business. The insurer said it had been forced to cut back on claims payments because of a lack of funding from policyholders, who were not paying their premiums or taking up new policies.
Lloyd’s of London experienced losses of £2bn ($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 claims, 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 50% of its business. The insurer said it had been forced to cut back on claims payments because of a lack of funding from policyholders, who were not paying their premiums or taking up new policies.