After weathering a catastrophe-filled year in 2011 and contending with economic conditions in Europe, the insurance market is expected to remain challenging for Lloyd's this year, according to reinsurance broker Guy Carpenter.
“Lloyd's has remained resilient in spite of challenging global market conditions and significant catastrophe losses, but will need to continue to expand its global reach in order to maintain this competitiveness,” says Matthew Day, senior vice president and EMEA business intelligence practice leader for Guy Carpenter in a statement.
The reinsurance broker says in its report, “Lloyd's of London: A Vision for Targeted Growth,” that for 2011, Lloyd's reported a pre-tax loss of £516 million (U.S. $833 million), representing a negative 2.8 percent return on capital. The results were primarily due to the second-highest year for natural catastrophe claims for the insurance industry and the highest catastrophe claims ever for Lloyd's.
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