May 13th, 2009

Chart: Lloyd’s Major Losses: Net Ultimate Claims 1994 - 2008

Posted at 12:52 AM ET

1lloydschart5

The level of catastrophe claims in 2008 was above the long-term average of GBP971 million (USD1.8 billion) at GBP1.8 billion (USD3.3 billion) — from GBP420 million (USD781 million) last year — with net losses from Hurricanes Ike and Gustav reserved at GBP1.4 billion (USD2.6 billion). The underlying loss ratio was impacted by claims inflation flowing from record high commodity prices in the first half and by a general increase in attritional claims frequency, which is expected to continue into 2009 due to the economic downturn. 

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