Informizely customer feedback surveys

Shop Insurance Canada News

Canada provides brief light for Lloyd’s during tough 2017

By: , Published on , Last Update on March 26, 2018 12:13 PM

Lloyd’s made global headlines in the insurance market last week with an announcement of a $2.8 billion loss during 2017. It was the company’s first loss in six years and has raised questions about the impact of natural Cat events on global insurance.

While the company as a whole struggled, it has been buoyed by a decent showing in Canada, and will likely remain in the market. Indeed, Lloyd’s underwriting in Canada enjoyed a 6% growth in net written premiums. Speaking to Insurance Business, Lloyd’s emphasized the importance of the Canadian market moving forward.

“Lloyd’s underwriters in Canada posted strong year-end financial results with a solid net written premium increase of 6%, supported through strong primary insurance growth. Profitability returned to historical norms with underwriting income of $425 million.

“Lloyd’s continues to increase its market share in specialty commercial lines business and Canada will remain key to the Lloyd’s market overall growth strategy.”

The company says its overall losses were caused by an “exceptionally difficult year” in terms of global catastrophes.

“The market experienced an exceptionally difficult year in 2017, driven by challenging market conditions and a significant impact from natural catastrophes. These factors mean that for the first time in six years Lloyd’s is reporting a loss,” CEO Inga Beale commented after the results were announced.

“Lloyd’s is here to support customers when it matters most, providing the financial support to enable businesses, governments, and, most importantly, people, to recover and rebuild their lives as quickly as possible and I’m proud of the market’s response.”

Category: News    Tags: News, canada, insurance, news


Get the latest updates on Ontario insurance rates, multi-line bundle discounts & recent insurance news.

Please wait 10 seconds before you submit!

We take your privacy very seriosuly, and hate spam as much as you!

Welcome to Canada’s authoritative source for insurance news, information and rates.

Copyright 2017 ShopInsuranceCanada ShopInsuranceCanada | 1003-60 Bathurst St. Toronto, ON M5V 2P4 Canada | 416-913-0151 | Privacy Policy | Terms & Conditions