Lloyd’s sees underwriting hit following £2.1bn major losses

alberta-wildfire

The market said the level of claims, mostly from Hurricane Matthew and the Fort McMurray wildfire in Canada, was the fifth highest since the turn of the century. Accordingly, combined operating ratio for the corporation fell from 90% in 2015 to 97.7% year; an underwriting result of £0.5bn, compared to £2bn in 2015. Pre-tax profit remained flat at £2.1bn, the same as 2015, on the back of increased investment return. Gross written premium increased from £26.7bn to £29.9bn. “This has been a y