30/08/2001

Lloyd’s of London project £2bn loss

The world’s oldest insurer, Lloyd's of London has been forced to increase its projected loss for the last two years to £2 billion.

A combination of the dot.com collapse and a Brazilian oil rig disaster have combined to squeeze the UK-based insurer.

This latest loss follows on from a trend evident in the past two decades when Lloyd's have racked up some of the biggest losses in the UK's corporate history, mainly because of hefty payouts on claims that including natural disasters and asbestos-related health issues.

The firm has upwardly revised its loss for 1999 to £1.4 billion, its biggest loss since 1990.

The insurer said in a statement that 1999 was widely acknowledged to represent the low point of the global insurance market and Lloyd's results reflected those conditions.

However, the firm also noted that trading conditions were now improving.

Lloyd's reports its results with a three-year time lag and final figures for 1999 are expected next year. (MB)

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