Where the World takes Risks – Lloyd’s annual report

Lloyd’s has produced its annual report, entitled “Where the World takes Risks,” in which it reveals that the market recorded a profit of £1,357mn on an annually accounted basis and a combined ratio of 96.9%. Chairman Lord Levene said that for Lloyd’s, 2004 “marked a return to a more normal risk environment following an extraordinarily benign year free from major losses, natural catastrophes and other events in 2003.” He added that despite this, “2004 was another year of profit and progress. Lloyd’s results “demonstrated the market’s ability to withstand a year of claims on a par with the total incurred loss of the World Trade Center disaster.”