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 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. Last year was the second costliest on record in terms of natural disasters, with an estimated $353bn of global losses.