Despite last year’s disastrous hurricane season, Lloyd’s posted a relatively small 2005 loss of $180.6 million, not a great result compared to the $2.4 billion profit it made in 2004, but it could have been a lot worse. The financial results for 2005 showed net claims from last fall’s hurricanes totaled $5.802 billion.
Lloyd’s Chairman Lord Levene, noted: “2005 was the worst year on record for natural disasters, costing the insurance industry far more than the impact of the 9/11 attacks on New York. For Lloyd’s to emerge from such a year with just a small loss represents an excellent performance by the market.”
Was this article valuable?
Here are more articles you may enjoy.
Home Insurance Tops Property Taxes in Squeeze for US Households 
Insurer Rolls Out Policy to Protect Data Centers Against Growing Backlash 
KCC Says Isaias Insured Losses to Be $3 Billion; AM Best Calls Storm an Earnings Event 
Viewpoint: Beware These Commercial Auto Endorsements! From This Issue
