27 March 2019 13:30
Photo : Freepik
The unions of Lloyd’s have again recorded a loss for the financial year of 2018, this time in the order of 1 billion pounds sterling (£). This loss was 2 G£ in the previous year.
“The cumulative results of the market in 2018 will demonstrate a combined ratio of 104.5 % and a loss of 1.0 G£, note the new CEO of Lloyd’s, John Neal. This performance is not at the height of what we were looking for a market with both the legacy and the quality of Lloyd s. We have put in place measures of performance management are more stringent, which will remain a feature of sustainable of our business. We expect that these actions lead to a progressive improvement of performance on the market, from 2019, and in the years to come. “
Natural disasters always cause
The volatility of investments and natural disasters, for which the markets of London have paid to 19.7 billion£ in claims gross of reinsurance, are part of the reasons for the loss, argues Lloyd s. The claims paid net of 16.4 G£.
The combined ratio is high to 104.5 %, which still represents an improvement compared to 2017 114 %.
The gross premiums written amounted to 35.5 G£, an increase compared to 2017, where they were 33.6 G£.
Signs of improvement
Lloyd’s points out, however, the increase in premiums of 3.2% on renewals “after several years of softening of the market” as the beginning of improvement in the loss ratio in that it has reduced by 1.3% compared to the previous year, and sees with a good eye for these signs.
The London market also reveals to have cut about 3 G£ small business performance when planning for 2019, and imposed sanitation plans across all business segments. Lloyd’s adds that it has welcomed four new unions in 2018.