Insurance market Lloyd's of London has today posted an aggregated 2017 pre-tax loss of £2 billion after a record year for losses from natural disasters.
Insurers suffered $135 billion in losses from natural catastrophes such as hurricanes, earthquakes and wildfires last year, driving London's specialist insurance market into the red for the first time in six years.
Lloyd's had a pre-tax profit of £2.1 billion in 2016.
Major claims for Lloyd's more than doubled from a year earlier, to £4.5 billion in 2017.
Gross written premiums rose 12% to £33.6 billion, while the combined ratio, a measure of underwriting profit, weakened to 114%. A level above 100% indicates a loss.
The company said its return on capital was £1.8 billion, compared with £1.3 billion in 2016.
Lloyd's capital position remains strong, it said in a statement.
"The market experienced an exceptionally difficult year in 2017, driven by challenging market conditions and a significant impact from natural catastrophes," chief executive Inga Beale said.
