Lloyd's on Sept. 21 announced an interim loss before tax of £697 million ($1.12 billion at current exchange rate) for the 2011 first half, compared to £628 million ($980.3 million) in profit for the same period a year ago.
The loss reflects the costliest first six months on record for major catastrophes for the insurance industry—and Lloyd's says 2011 is likely to be the second-most-expensive year ever for insurers.
Lloyd's CEO Richard Ward says in a statement, "These are tough times for the insurance industry, but we are well positioned to handle them. Despite incurring $10.8 billion in claims from the costliest first half-year on record, Lloyd's entered the second half of the year with $92 billion in net assets to support our business and pay claims."
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