Lloyd's Of London Lost $822 Million In 2011, In What Was The Second Worst Year EVER For The Insurance Industry

japan earthquake

Photo: ap

LONDON (AP) — Lloyd’s of London has reported a big loss for last year in what was the second-costliest year ever for the insurance industry.Lloyd’s on Wednesday reported a loss of 516 million pounds ($822 million) on net claims of 12.9 billion pounds. That was the largest amount of claims in Lloyd’s 324-year history.

Major claims followed flooding in Australia in January, the second earthquake in New Zealand in February, the Japanese earthquake and tsunami in March and the floods in Thailand from July.

John Nelson, chairman of Lloyd’s, said the market’s capital position was unchanged and it recorded a profit in the second half of the year.

Lloyd’s is a society of corporate underwriters and wealthy individuals that make insurance transactions through 88 syndicates.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.