Lloyd’s insurance market has reported their second year of losses, claims hit £19.7bn after a series of natural disasters including California’s devastating wildfires.
Lloyd’s of London reported annual losses of £1bn in 2018 compared to a £2bn deficit the previous year, they bemoaned “another costly year for natural catastrophes.”
The bill for major claims amounted to £2.9bn including Typhoon Jebi that hit Japan, hurricanes Florence and Michael along with the wildfires in the US.
However, annual results showed “green shoots of improvement” as prices strengthened of renewal business by 3.2%.
John Neal, Lloyd’s chief executive on announcing the 2018 losses said, “This performance is not of the standard that we would expect of a market that has both the heritage and quality of Lloyd’s.
“We have implemented stronger performance management measures which will remain an enduring feature of how we go about our business.
“We expect these actions to deliver progressive performance improvement across the market beginning in 2019 and in the years to come.”
Neal added, “We are determined to show decisive leadership across three fronts, to address the performance gap, to secure Lloyd’s future success and, following our announcement yesterday, to tackle all forms of inappropriate behaviour with robust actions to create a more inclusive working environment.”