Lloyd’s on track for good results

The Lloyd’s of London insurance market is still on track for a good profit in 2004 despite expected claims of around £1 billion from a spate of hurricanes, a senior market source says.

A slew of insurers operating in the Lloyd’s market, including Catlin, Amlin, Hiscox and Brit Insurance, have said their profits will be hit because of higher claims.

But a senior market source said yesterday tighter Lloyd’s rules on disasters and better risk management by insurers meant expected claims of around £1bn would not stop the market from having a profit in 2004.