Lloyds London, the oldest insurance market in the world, expects to bear losses of about $ 2.3 billion of forest fires in California, according to its initial results 2024.
Although these claims will benefit from the profits of next year, Burkhard Keese, Lloyd Financial Manager, stressed that he will not be a “capital event” and should not lead to the erosion of total capital reserves in the market.
In general, Lloyd reported a total written installment of 55.5 billion pounds, an increase of 6.5 percent year on an annual basis, with the help of strong offers in property and reinsurance. However, demands for the second -ranging second half prompted the common percentage of the market (a major measure of the profitability of the subscription) with an increase of percentage points to 86.9 percent. Reading less than 100 percent indicates the profit of subscription.
At the same time, Lloyd's profit fell before the tax to 9.6 billion pounds from the record in the past year, 10.7 billion pounds, while subscription profits decreased to 5.3 billion pounds from 5.9 billion pounds. Despite the decrease, the numbers greatly exceed the profit of the subscription of 2.6 billion pounds in 2022, reflecting how 2023 years were exceptional.
The market for investment in the market also decreased to 4.9 billion pounds, compared to 5.3 billion pounds in 2023, although Lloyd said he benefited from relatively high interest rates during this period. Citing a constant focus on “strong profitability and disciplined growth”, Kis stressed that the market “has achieved another excellent year” for investors while providing “the best solutions in the class” to customers.
Full results and directives for 2025 will be published next Thursday, with subscription and mediators closely monitored any updates on how Lloyd tackled the dangers of the disaster in the future and maintains its strong capitalist position.