Canada provides brief light for Lloyd’s during tough 2017
Published: March 26, 2018
Updated: July 24, 2018
Author: Luke Jones
CATEGORY: Industry News
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.”