counting the cost: Record year for catastrophe claims
Earthquakes, tsunamis and floods pushed Lloyd’s of London to a £516m loss in 2011 as catastrophe claims hit a record high for the 324-year-old insurance market.
Lloyds, made up of 87 underwriting syndicates, saw £12.9bn of claims last year, including £4.6bn related to natural disasters, such as floods in Australia and Thailand, an earthquake in New Zealand and the tsunami in Japan. Chief executive Richard Ward said: “Make no mistake, 2011 was a difficult year for the insurance industry.” Full story: Page 7.