Lloyd’s to make $4.5bn in losses

Lloyd’s of London expects net losses of $4.5bn (€3.8bn) from hurricanes Harvey and Irma, which analysts said would eat into the insurer’s capital and hit its profitability.

Although losses from natural catastrophes have been low in recent years, including in the first half, that is set to change in the second half of the year, Lloyd’s chief executive Inga Beale said.

“There was limited major claim activity in the first half. There’s a very different second half emerging — it’s not only the hurricanes but we’ve got the Mexican earthquakes, floods in Asia, typhoons in Asia,” she added.