In the first half of this year, the insurance market has made a profit of £1.53 billion.
After six months without any major disasters, Lloyd’s of London has returned to profitability, after suffering a loss of £697 million last year.
Natural disasters last year, such as the Japanese tsunami, caused net claims to be made made totalling £6.7 billion. In ‘total contrast’ this year, Lloyd’s of London chairman John Nelson commented that they had enjoyed a ‘strong six-month period’, with net claims totalling £4.6 billion. They also benefited from having their credit rating upgraded from stable to positive by Standard & Poors.