Lloyds plans to introduce a new organization structure in the fourth quarter and the job cuts will be part of that change.

The London insurance market shouldnt keep cutting rates to secure business because it may not be adequately pricing the risk it is taking on, the Bank of England said.

The magnitude 6.2 earthquake that struck Italys Umbria region this week is estimated to have cost the country anywhere from $1 billion to $11 billion in economy-related losses. The insurance bill will be a lot lower.

British insurers have been left reeling after the countrys surprise decision to exit the European Union.

Underwriters have been making contingency plans to relocate, while international capital is expected to leave for more trade-friendly jurisdictions.

Lloyds of London reported a 30% drop of full-year profit as the worlds largest insurance market was hurt by continued pressure on pricing and the lowest investment returns since at least 2001.

The decision to exit general insurance in the region follows a company-wide strategic review.

The port explosions at Tianjin is the fourth most costly man-made disaster ever for the industry, according to Swiss Re.