Chatset more optimistic

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The Independent Online
CHATSET, the Lloyd's of London insurance market analyst, today will announce revised predictions for the market's 1991 year of account losses to be announced next week. Instead of a pounds 3bn loss Chatset is now expecting nearer to pounds 2.5bn.

It says the improvement is caused by syndicates that have written asbestos business reporting better than expected results. Charles Sturge, a Chatset analyst, said: 'We are poised to make a revaluation downwards.'

However, a Lloyd's spokesman said: 'Chatset's figures are still not in the right ball park.'

The spokesman also said Lloyd's would publish two figures next week. One will be calculated using Lloyd's traditional method, while the second figure will disaggregate the double counting of some of Lloyd's losses.

Double counting results from members reinsuring their personal liability for losses.

Separately, Christopher Hitchings, a UBS analyst, warned Lloyd's could expect its underwriting capacity to shrink next year.