Lloyd’s CEO Inga Beale News

Insurers, Tech Firms ‘Must Work Together’ to Tackle Emerging Technology Risks

The World Economic Forum is bringing insurers, tech firms and governments together to find ways to tackle risks from new technology such as drones and driverless cars, it said on Thursday. Tech firms have moved fast to develop new products, …

Update: Lloyd’s of London Reports 16% Drop in H1 2017 Profit to $1.6B

Lloyd’s of London expects net losses of $4.5 billion from hurricanes Harvey and Irma, which analysts said would eat into the insurer’s capital and hit its profitability. Although losses from natural catastrophes have been low in recent years, including in …

Insurers Gain as Shifty, Weakened Irma May Not Be as Damaging as Feared

Insurers jumped in markets from Europe to Florida amid signs that predictions about Hurricane Irma’s damage were excessively dire. Giant reinsurers like Swiss Re and Munich Re, which shoulder risks for local insurers around the world, posted their biggest gains …

Major Cyber Attack Could Cost Global Economy $53 Billion: Lloyd’s

A major, global cyber attack could trigger an average of $53 billion of economic losses, a figure on par with a catastrophic natural disaster such as U.S. Superstorm Sandy in 2012, Lloyd’s of London said in a report on Monday. …

Businesses Underestimate Long-Term Effects of Cyber Attacks: Lloyd’s Report

Businesses could face a much higher bill than they expect or are prepared for after falling victim to a cyber-attack, according to research from Lloyd’s in association with KPMG and legal firm DAC Beachcroft. As businesses increasingly become the target …

Lloyd’s to Cut 10% of UK Employees on Soft Market Pricing Pressures

Lloyd’s of London is planning to cut 10 percent of its staff in the UK as the world’s oldest insurance market looks to streamline operations and reduce costs amid continued pricing pressure on its members. Lloyd’s plans to introduce a …

Existing EU Contracts Must Be ‘Grandfathered’ After Brexit to Avoid Complexity: Lloyd’s CEO Beale

Existing European Union insurance policies should stay in place after Britain leaves the bloc because the process of dividing them into British and EU contracts would be too complex, Lloyd’s of London Chief Executive Inga Beale said. The Lloyd’s of …

Lloyd’s Reports £2.1B ($2.6B) Profit for 2016, Unchanged from 2015

Lloyd’s reported 2016 pretax profit of £2.1 billion pounds ($2.6 billion), level with 2015, despite a worsening of the market’s combined ratio at 97.9 percent, compared with 90.0 percent in 2015. Return on capital was 8.1 percent in 2016 compared …

Lloyd’s to Open EU Insurer in Brussels in Preparation for Brexit

Lloyd’s, the specialist insurance and reinsurance market, announced it will set up a European insurance company in Brussels in preparation for the UK’s exit from the European Union. The Brussels’ subsidiary will aim to be ready to write business for …

Lloyd’s Insurers Urged to Focus on U/W Discipline as 2016 Losses Loom

Underwriters at Lloyd’s of London lost money in 2016, driving the 90-plus syndicates in the insurance market to be more selective in the risks they take on and forcing Lloyd’s to cut its subscription rates. To tackle the downturn in …