Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Lloyd’s of London braces for $2.3bn loss from California wildfires

by March 11, 2025
March 11, 2025
Lloyd’s of London braces for $2.3bn loss from California wildfires

Lloyd’s of London, the world’s oldest insurance market, expects to incur losses of about $2.3 billion from the Californian wildfires, according to its preliminary 2024 results.

While such claims will dent profits next year, Burkhard Keese, Lloyd’s chief financial officer, stressed that it would not be a “capital event” and should not erode the market’s overall capital reserves.

Overall, Lloyd’s reported gross written premiums of £55.5 billion, a rise of 6.5 per cent year on year, helped by strong performances in property and reinsurance. However, higher second-half claims pushed the market’s combined ratio (a key measure of underwriting profitability) up by two percentage points to 86.9 per cent. A reading below 100 per cent signifies an underwriting profit.

At the same time, Lloyd’s profit before tax slipped to £9.6 billion from last year’s record £10.7 billion, while underwriting profit fell to £5.3 billion from £5.9 billion. Despite the drop, the figures significantly surpass the £2.6 billion underwriting profit it posted in 2022, reflecting how 2023 was an exceptional year.

The market’s investment return also came in lower at £4.9 billion, compared with £5.3 billion in 2023, though Lloyd’s said it benefited from relatively high interest rates over the period. Citing a continued focus on “strong profitability and disciplined growth,” Keese emphasised that the market had “delivered another excellent underwriting year” for investors while offering “best in class solutions” to customers.

Full results and guidance for 2025 will be published next Thursday, with both underwriters and brokers watching closely for any updates on how Lloyd’s will address future catastrophe risks and maintain its strong capital position.

Read more:
Lloyd’s of London braces for $2.3bn loss from California wildfires

0
FacebookTwitterGoogle +Pinterest
previous post
Trump-backed plan to avert shutdown heads for House vote
next post
UK mid-sized firms lag in boosting ethnic diversity on boards

You may also like

City Investment Firm Calls for Doubling of Minimum...

February 20, 2024

How Do Business Loans Work?

October 3, 2022

A Deep Dive into Omnisend vs. Klaviyo: Which...

January 7, 2025

CBI boss Tony Danker steps aside after misconduct...

March 6, 2023

The Role of Negligence in Personal Injury Law:...

June 29, 2023

Shares in housebuilders soar following labour’s electoral triumph

July 7, 2024

Explore new opportunities for $100,000 in passive income...

February 14, 2025

UK car loan scandal: 23 million believe they...

July 7, 2025

RAC says diesel drivers are being ‘ripped-off’ as...

May 4, 2023

New Regulations on Holiday Lets Set to Tackle...

February 19, 2024

City Investment Firm Calls for Doubling of Minimum...

February 20, 2024

How Do Business Loans Work?

October 3, 2022

A Deep Dive into Omnisend vs. Klaviyo: Which...

January 7, 2025

CBI boss Tony Danker steps aside after misconduct...

March 6, 2023

The Role of Negligence in Personal Injury Law:...

June 29, 2023

Shares in housebuilders soar following labour’s electoral triumph

July 7, 2024

Explore new opportunities for $100,000 in passive income...

February 14, 2025

UK car loan scandal: 23 million believe they...

July 7, 2025

RAC says diesel drivers are being ‘ripped-off’ as...

May 4, 2023

New Regulations on Holiday Lets Set to Tackle...

February 19, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Friday Feature: Mt. Haven Microschool

      July 11, 2025
    • Biden cover-up probe heats up as another ex-White House aide sits down with GOP

      July 11, 2025
    • PPE Medpro trial ends with defence accusing DHSC of ‘bad claim’ and pandemic scapegoating

      July 11, 2025
    • MPs warn UK must not weaken listing rules for Shein amid human rights concerns

      July 11, 2025
    • UK economy shrinks again in May, fuelling fears of faltering recovery

      July 11, 2025
    • UK government considers rescue deal for Speciality Steel amid fears of collapse

      July 11, 2025

    Categories

    • Business (8,450)
    • Investing (2,116)
    • Politics (16,004)
    • Stocks (3,199)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved