Despite last year’s disastrous hurricane season, Lloyd’s posted a relatively small 2005 loss of $180.6 million, not a great result compared to the $2.4 billion profit it made in 2004, but it could have been a lot worse. The financial results for 2005 showed net claims from last fall’s hurricanes totaled $5.802 billion.
Lloyd’s Chairman Lord Levene, noted: “2005 was the worst year on record for natural disasters, costing the insurance industry far more than the impact of the 9/11 attacks on New York. For Lloyd’s to emerge from such a year with just a small loss represents an excellent performance by the market.”
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