by Kay Murchie
The Lloyd’s of London insurance market today reported a massive fall in profits, due to a series of catastrophes, including the Chilean earthquake and BP’s oil spill.
The market reported pre-tax profits of £628 million for the first six months of 2010, compared with £1.32 billion a year earlier – a significant fall of 50%.
Lord Levine, the market’s chairman, described the period as the “costliest on record”, paying out almost £6 billion in claims during the period – £365 million more than in the year earlier period.
Lloyd’s chief executive, Richard Ward, told BBC Radio 4's Today programme that the net loss to Lloyd’s of the Chilean earthquake was $1.4 billion, while the Gulf of Mexico oil spill cost the market between $300 million and $600 million.
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