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Lloyd's terror losses rise to £1.9bn

12 April 2012

LLOYD's of London has increased its estimate for net losses from the World Trade Centre atrocity by 45% to £1.9bn, in what could be the global insurance market's biggest-ever loss. Today's estimate is net of reinsurance, otherwise the gross loss would have been £5.7bn, 6% up.

Lloyd's chairman Sax Riley said that the net estimate has been increased as new property claims and increasing reinsurance exposures come in.

'Anyone searching these figures for signs of Lloyd's demise will be disappointed,' Riley added. 'These new projections don't change that position.'

A 40% increase in premium income written for this year and steep rate rises since 11 September will offset some of the revised WTC losses, and indeed Llloyd's financial performance is 'turning the corner rapidly', the Lloyd's chairman claimed. Lloyd's will announce its capacity for 2002 in mid-December.

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Lloyd's Of London