Lloyd's says record catastrophe losses led to a loss of more than $800 million for 2011 as the specialty-insurance market experienced the largest catastrophe-claims year in its history.
In a statement, London-based Lloyd's says it incurred total net claims of $20.6 billion last year, including $7.4 billion in catastrophe claims. Lloyd's calls this the “largest catastrophe-claims year on record for the 324-year-old insurance market.”
Lloyd's notes that the year includes flooding in Australia in January, the second earthquake in New Zealand in February, the Japanese earthquake and tsunami in March, and flooding in Thailand over the summer.
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