21 April 2018

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Major claims cost Lloyd’s £4.5bn in 2017

9 April 2018

The Lloyd's market absorbed £4.5bn ($6.3bn) in major claims in 2017 (2016: £2.1bn), with US and Caribbean-oriented direct and facultative property writers taking a pounding off the back of Harvey, Irma and Maria.

The cost of major claims to the Lloyd's market in 2017 is the third highest since 2003, in today's terms.

Excluding major claims, the market's accident-year combined ratio deteriorated by 4.5 percentage points to 98.4 percent. Including catastrophe claims, Lloyd's reported its first underwriting loss in six...

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