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The Actuary The magazine of the Institute & Faculty of Actuaries

Mazars predicts £1.5bn loss at Lloyd’s

Ahead of Lloyd's interim results on 21 September the accountancy firm said that with just over one quarter of the Lloyd's market having already reported their results, its calculation showed losses could exceed £1.5bn for the first six months of 2011.

Andrew Goldsworthy, insurance partner at Mazars, said: "2011 is expected to be the most expensive catastrophe year on record, with the first half of 2011 already having seen greater losses than the whole of the previous record-holder: 2005, the year of Hurricanes Katrina, Wilma and Rita."

He concluded: "In 2005 Lloyd's combined loss ratio was 112%. Mazars' estimated combined loss ratio for the 2011 half year is 121%. How close the actual 2011 ratio is to 112% should give a good indication of how reliant Lloyd's is on catastrophe business now compared to 2005."