Storm bill adds up for Lloyd’s market

L Half-year results show that gross written premiums rose 16% to £18.9bn

showing signs of success, but we cannot allow that focus to waver if we are to continue to ensure the Lloyd’s platform is the most attractive option for customers.

“Whilst these results do not cover the current hurricane season in the Caribbean and US, the market is assessing claims and starting to make payments that will help local communities and businesses get back on their feet as quickly as possible.

“It is our ability to respond quickly and effectively in times like these that differentiates the Lloyd’s market and is ultimately what we are here to do.”

The insurance market’s combined ratio fell to 96.9 per cent from 98 per cent the year before. The investment return came in at 1.5 per cent, down from 1.8 per cent in June 2016.

Earlier this year, Lloyd’s of London confirmed plans to establish an EU subsidiary in Brussels following Brexit, moving around 100 of its 700 London staff in the process. Lloyd’s aims to start work at the Brussels office from January 2019.

One of the most venerable names in the City, Lloyd’s can trace its roots back to 1686 when it was founded by Edward Lloyd at his coffee house on Tower Street. In 2016, there were 99 syndicates.