Lloyd's makes 'small loss' of €146.8m

The Lloyd’s of London insurance market limited annual losses to £103m (€146.8m) today following the worst year on record for natural disasters.

Lloyd’s said the small deficit represented an “excellent performance” and a figure “unthinkable” a few years ago, prior to reforms at the market.

The organisation revealed net claims of £3.31bn (€4.7bn) from the worst hurricane season ever experienced, including three of the 10 largest storms in the US.

Lloyd’s chairman Lord Levene said: “2005 was the worst year on record for natural disasters, costing the insurance industry far more than 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.”