Lloyd's back in black but complains about European red tape
Thursday 28 March 2013
Richard Ward, the chief executive of Lloyd's of London, vented his frustration at the billions that insurers have spent complying with European red tape yesterday.
"We could have probably bailed out Cyprus with the amount of money we've all spent," he said. "It cost Lloyd's about £300m to prepare for Solvency II [new capital rules for insurers], which were then postponed. It is frustrating."
His comments came as Lloyd's swung back into the black with a £2.77bn pre-tax profit in 2012, compared with a £516m loss the year before. The world's largest insurance market was hit by £10.1bn of claims during the period, including £1.4bn from Superstorm Sandy, which struck the Caribbean and North America last October. This compares with the £12.9bn in claims the market faced in 2011, its costliest year following earthquakes in New Zealand and floods in Thailand.
Lloyd's, which underwrote £25.5bn of business last year, said its investment returns had grown by almost 4 per cent to £1.3bn, despite low interest rates. The market's combined ratio improved from 106.8 per cent to 91.1 per cent, effectively meaning that Lloyd's paid out 91p in claims for every pound in premiums it took.
"These are very strong results in the current economic climate," Mr Ward added. "Cyprus has served as a reminder that the problems in Europe have not gone away."
- 1 If these extraordinarily powerful images of a dead Syrian child washed up on a beach don't change Europe's attitude to refugees, what will?
- 2 Senior British politicians tell David Cameron: When dead children are being washed up on beaches – it's time to act
- 3 Make your voice heard: Sign The Independent's petition to welcome refugees
- 4 Refugee crisis: Aylan's life was full of fear - in death, he is part of 'humanity washed ashore'
- 5 German police forced to ask public to stop bringing donations for refugees arriving by train
Senior British politicians tell David Cameron: When dead children are being washed up on beaches – it's time to act
Jeremy Corbyn calls Osama bin Laden's killing a 'tragedy' - but was it taken out of context?
If these extraordinarily powerful images of a dead Syrian child washed up on a beach don't change Europe's attitude to refugees, what will?
Britain to take more refugees as Cameron bows to pressure after more than 100,000 back our campaign
If you're not already angry about the refugee crisis, here's a history lesson to remind you why you really should be
Theresa May says migrants should be banned from entering the UK unless they have jobs lined up
iJobs Money & Business
£20000 - £40000 per annum + OTE + Incentives + Benefits: SThree: Established f...
£20000 - £25000 per annum + OTE 40/45k + INCENTIVES + BENEFITS: SThree: The su...
£14000 - £16000 per annum: Recruitment Genius: This company was established in...
£20000 - £25000 per annum + OTE 40k: SThree: SThree are a global FTSE 250 busi...