Storm season set to cost Lloyds $4.5bn
Lloyd's of London expects losses of $4.5bn (€3.8bn) from hurricanes Harvey and Irma, which analysts said would eat into capital and hit its profitability.
Although losses from natural catastrophes have been low in recent years, including in the first half, that is set to change in the second half of the year, Lloyd's chief executive Inga Beale said following yesterday's results.
"There was limited major claim activity in the first half. There's a very different second half emerging - it's not only the hurricanes but we've got the Mexican earthquakes, floods in Asia, typhoons in Asia," Beale told Reuters.