Insurance Giant in Profit Slump
Wednesday, March 25, 2009 14:52
The world’s biggest insurance market—Lloyd’s of London, which is made up of 75 underwriting syndicates to insure a wide range of items and businesses, has seen its profits fall sharply amid high claims.
Amidst the unprecedented slump in the world economy, the firm saw its pre-tax profits slide to £1.89bn for the year, from £3.84bn for 2007. According to the firm, the market has been hit by “significant claims from natural catastrophes, lower insurance rates and a reduction in investment income”. However, the losses were partly offset by currency movements and surpluses from previous years. The most key factor influencing the situation is the volatility in world financial markets, which has greatly reduced Lloyd’s investment returns by 52%.
Related posts:
- Argos-owner Endures Sales Slump
Due to the recent weaker demand for video games and... - Country Homes Beat Town Houses in Slump
As properties in the countryside have beaten than their urban... - No Profit in High Street Banking
According to a new research by the accountancy group of... - Car Insurance Costs Set to Soar
Due to rising medical costs and the increasing number of... - Income Protection and Insurance Cover Help During Crisis
A lot of households are still facing the continuing financial...
