COVID-19 pushes Lloyd's of London to $1.2 billion loss in 2020

Reuters2021-03-31

LONDON (Reuters) - The coronavirus pandemic pushed Lloyd’s of London to a 900 million pound ($1.24 billion) pre-tax loss in 2020, compared with a 2.5 billion pound profit in 2019, the commercial insurance market said on Wednesday.

The 330-year old market, home to around 100 syndicate members, expects to pay out 3.4 billion pounds in 2020 COVID-19 claims net of reinsurance, it said in a statement.

Lloyd’s CEO John Neal said 2020 had been “an extremely challenging year marked by a global health crisis of a scale never seen before”.

“The year was also marked by a high frequency of natural catastrophe claims and the UK’s formal exit from the EU, driving further losses and uncertainty,” he added.

Gross written premiums declined by 1.2% to 35.5 billion pounds in the specialist insurance market - which covers everything from oil rigs to footballers’ legs - after Lloyd’s scaled back some loss-making business lines last year.

But Lloyd’s said premium rates had risen 10.8% last year and rate rises had continued into 2021. Insurers typically increase rates after experiencing large losses.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

Kennyboy
2021-03-31
Kennyboy
Hmm
- Kennyboy:
  hmm

Leave a comment

1

10

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/1124366935?lang=en_US&edition=fundamental","thumbnail":"https://static.tigerbbs.com/477bc3b204748880013b68ef7f10bd30","is_english":true,"pubTime":"2021-03-31 14:41","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"1124366935","market":"us","top_or_hot":-1,"title":"COVID-19 pushes Lloyd's of London to $1.2 billion loss in 2020","media":"Reuters","content":"<p>LONDON (Reuters) - The coronavirus pandemic pushed Lloyd’s of London to a 900 million pound ($1.24 billion) pre-tax loss in 2020, compared with a 2.5 billion pound profit in 2019, the commercial insurance market said on Wednesday.</p>\n<p>The 330-year old market, home to around 100 syndicate members, expects to pay out 3.4 billion pounds in 2020 COVID-19 claims net of reinsurance, it said in a statement.</p>\n<p>Lloyd’s CEO John Neal said 2020 had been “an extremely challenging year marked by a global health crisis of a scale never seen before”.</p>\n<p>“The year was also marked by a high frequency of natural catastrophe claims and the UK’s formal exit from the EU, driving further losses and uncertainty,” he added.</p>\n<p>Gross written premiums declined by 1.2% to 35.5 billion pounds in the specialist insurance market - which covers everything from oil rigs to footballers’ legs - after Lloyd’s scaled back some loss-making business lines last year.</p>\n<p>But Lloyd’s said premium rates had risen 10.8% last year and rate rises had continued into 2021. Insurers typically increase rates after experiencing large losses.</p>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>COVID-19 pushes Lloyd's of London to $1.2 billion loss in 2020</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCOVID-19 pushes Lloyd's of London to $1.2 billion loss in 2020\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-31 14:41 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.reuters.com/article/us-lloyd-s-of-london-results/covid-19-pushes-lloyds-of-london-to-1-2-billion-loss-in-2020-idUSKBN2BN0MF><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>LONDON (Reuters) - The coronavirus pandemic pushed Lloyd’s of London to a 900 million pound ($1.24 billion) pre-tax loss in 2020, compared with a 2.5 billion pound profit in 2019, the commercial ...</p>\n\n<a href=\"https://www.reuters.com/article/us-lloyd-s-of-london-results/covid-19-pushes-lloyds-of-london-to-1-2-billion-loss-in-2020-idUSKBN2BN0MF\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":null,"symbol_name":null,"start_time":0,"source_url":"https://www.reuters.com/article/us-lloyd-s-of-london-results/covid-19-pushes-lloyds-of-london-to-1-2-billion-loss-in-2020-idUSKBN2BN0MF","article_id":"1124366935","we_media_id":null,"thumbnails":["https://static.tigerbbs.com/477bc3b204748880013b68ef7f10bd30"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1124366935","pubTimestamp":1617172886,"columns":[],"sourceInfo":null,"weMediaInfo":null,"summary":"LONDON (Reuters) - The coronavirus pandemic pushed Lloyd’s of London to a 900 million pound ($1.24 b","collect":0,"end_time":0,"defaultTopTitle":"reuters.com","property":[],"viewcount":null,"language":"en","relate_stocks":{},"translate_title":"新冠肺炎令伦敦劳合社2020年亏损12亿美元","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{},"content_text":"LONDON (Reuters) - The coronavirus pandemic pushed Lloyd’s of London to a 900 million pound ($1.24 billion) pre-tax loss in 2020, compared with a 2.5 billion pound profit in 2019, the commercial insurance market said on Wednesday.\nThe 330-year old market, home to around 100 syndicate members, expects to pay out 3.4 billion pounds in 2020 COVID-19 claims net of reinsurance, it said in a statement.\nLloyd’s CEO John Neal said 2020 had been “an extremely challenging year marked by a global health crisis of a scale never seen before”.\n“The year was also marked by a high frequency of natural catastrophe claims and the UK’s formal exit from the EU, driving further losses and uncertainty,” he added.\nGross written premiums declined by 1.2% to 35.5 billion pounds in the specialist insurance market - which covers everything from oil rigs to footballers’ legs - after Lloyd’s scaled back some loss-making business lines last year.\nBut Lloyd’s said premium rates had risen 10.8% last year and rate rises had continued into 2021. Insurers typically increase rates after experiencing large losses.","kind":"news","is_publish_news":false,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[{"id":354674571,"gmtCreate":1617173340293,"gmtModify":1704696775636,"author":{"id":"3556093005243482","authorId":"3556093005243482","name":"Kennyboy","avatar":"https://static.tigerbbs.com/8b3531f8d688abadbf655a65bfe6ea6c","vip":1,"crmLevel":12,"crmLevelSwitch":0,"authorIdStr":"3556093005243482","idStr":"3556093005243482"},"htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/354674571","repostId":1124366935,"repostType":4,"repost":{"id":"1124366935","kind":"news","pubTimestamp":1617172886,"share":"https://ttm.financial/m/news/1124366935?lang=en_US&edition=fundamental","pubTime":"2021-03-31 14:41","market":"us","language":"en","title":"COVID-19 pushes Lloyd's of London to $1.2 billion loss in 2020","url":"https://stock-news.laohu8.com/highlight/detail?id=1124366935","media":"Reuters","summary":"LONDON (Reuters) - The coronavirus pandemic pushed Lloyd’s of London to a 900 million pound ($1.24 b","content":"<p>LONDON (Reuters) - The coronavirus pandemic pushed Lloyd’s of London to a 900 million pound ($1.24 billion) pre-tax loss in 2020, compared with a 2.5 billion pound profit in 2019, the commercial insurance market said on Wednesday.</p>\n<p>The 330-year old market, home to around 100 syndicate members, expects to pay out 3.4 billion pounds in 2020 COVID-19 claims net of reinsurance, it said in a statement.</p>\n<p>Lloyd’s CEO John Neal said 2020 had been “an extremely challenging year marked by a global health crisis of a scale never seen before”.</p>\n<p>“The year was also marked by a high frequency of natural catastrophe claims and the UK’s formal exit from the EU, driving further losses and uncertainty,” he added.</p>\n<p>Gross written premiums declined by 1.2% to 35.5 billion pounds in the specialist insurance market - which covers everything from oil rigs to footballers’ legs - after Lloyd’s scaled back some loss-making business lines last year.</p>\n<p>But Lloyd’s said premium rates had risen 10.8% last year and rate rises had continued into 2021. Insurers typically increase rates after experiencing large losses.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>COVID-19 pushes Lloyd's of London to $1.2 billion loss in 2020</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCOVID-19 pushes Lloyd's of London to $1.2 billion loss in 2020\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-31 14:41 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.reuters.com/article/us-lloyd-s-of-london-results/covid-19-pushes-lloyds-of-london-to-1-2-billion-loss-in-2020-idUSKBN2BN0MF><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>LONDON (Reuters) - The coronavirus pandemic pushed Lloyd’s of London to a 900 million pound ($1.24 billion) pre-tax loss in 2020, compared with a 2.5 billion pound profit in 2019, the commercial ...</p>\n\n<a href=\"https://www.reuters.com/article/us-lloyd-s-of-london-results/covid-19-pushes-lloyds-of-london-to-1-2-billion-loss-in-2020-idUSKBN2BN0MF\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/477bc3b204748880013b68ef7f10bd30","relate_stocks":{},"source_url":"https://www.reuters.com/article/us-lloyd-s-of-london-results/covid-19-pushes-lloyds-of-london-to-1-2-billion-loss-in-2020-idUSKBN2BN0MF","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124366935","content_text":"LONDON (Reuters) - The coronavirus pandemic pushed Lloyd’s of London to a 900 million pound ($1.24 billion) pre-tax loss in 2020, compared with a 2.5 billion pound profit in 2019, the commercial insurance market said on Wednesday.\nThe 330-year old market, home to around 100 syndicate members, expects to pay out 3.4 billion pounds in 2020 COVID-19 claims net of reinsurance, it said in a statement.\nLloyd’s CEO John Neal said 2020 had been “an extremely challenging year marked by a global health crisis of a scale never seen before”.\n“The year was also marked by a high frequency of natural catastrophe claims and the UK’s formal exit from the EU, driving further losses and uncertainty,” he added.\nGross written premiums declined by 1.2% to 35.5 billion pounds in the specialist insurance market - which covers everything from oil rigs to footballers’ legs - after Lloyd’s scaled back some loss-making business lines last year.\nBut Lloyd’s said premium rates had risen 10.8% last year and rate rises had continued into 2021. Insurers typically increase rates after experiencing large losses.","news_type":1,"symbols_score_info":{}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3928501,"gmtCreate":1617173421983,"gmtModify":1680782415227,"authorId":3556093005243482,"author":{"id":3556093005243482,"idStr":"3556093005243482","authorId":3556093005243482,"name":"Kennyboy","avatar":"https://static.tigerbbs.com/8b3531f8d688abadbf655a65bfe6ea6c","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":354674571,"type":1,"supId":0,"prevId":0,"content":"hmm","text":"hmm","html":"hmm"}],"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":10,"commentSize":1,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.35.12","shortVersion":"4.35.12","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1124366935","isCrawlerRequest":true}