UK insurance market counts cost of storm damage

The Lloyd’s of London insurance market overcame a costly year for hurricane claims by unveiling annual profits of £1.36bn (€2bn) today.

The figure is down from the £1.89bn (€2.7bn) reported a year earlier but came in spite of a £1.2bn (€1.7bn) bill for storm damage in the United States and the “worst-ever year” for industry losses from natural catastrophes.