Summary
A low level of catastrophe claims helped the Lloyd's of London insurance market announce a sharp improvement in profitability yesterday . The market, home to 66 insurance syndicates, said profits rose to pounds 1.81 billion in the six months to June 30, up from pounds 1.35 billion last year.
The figures also benefited from a favourable environment for premiums in 2006, following hurricanes in previous years, but Lloyd's said it was now seeing downward pressure on rates and a softening of conditions across all classes. Chief executive Richard Ward said: "These profits reflect the recent favourable rating environment and a relatively low level of catastrophe claims."See the full content of this document
Extract
Lloyds Improves Sharply ; Insurance
Reflecting the market...
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