Hurricanes, wildfires and floods push Lloyd's of London to £2bn loss
Insurer Lloyd’s of London swung to its first annual loss in six years, after what it called “one of the costliest years for natural catastrophes in the past decade”. The group reported a pre-tax loss of £2bn for last year, compared with a profit of £2.1bn the previous year, as the amount it paid out for claims more than doubled. Lloyd’s paid out £4.5bn for claims, compared with £2.1bn the previous year, as natural disasters including hurricanes Harvey, Irma and Maria, as well as wildfires in California, monsoon flooding in Bangladesh, an earthquake in Mexico and a mudslide in Colombia reaped destruction. Chief executive, Inga Beale, said: "The market experienced an exceptionally difficult year in 2017, driven by challenging market conditions and a significant impact from natural catastrophes.”
8.7-magnitude earthquake off Sumatra
An 8.7-magnitude earthquake strikes Indonesia 434 km southwest of Banda Aceh, Sumatra, Indonesia.