Lloyd’s of London – the global insurers – recorded an annual loss of £103 million before tax last year after a record £3.3 billion of hurricane-related insurance claims. But they are not alone: Insurers worldwide have been hit hard as a result of last year’s devastating hurricanes Katrina and Rita, with total claims expected to reach about £50 billion.
Lord Levene, Lloyd’s chairman said “2005 was the worst year on record for natural disasters, costing the insurance industry far more that 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”.