Moody’s ups Lloyd’s loss forecast

Moody’s has raised its loss forecasts for Lloyd’s 2000 and 2001 years of account to £2.4bn and £2.6bn respectively, together more than £1.3bn higher than Lloyd’s own estimates. These mainly stem from 11 September losses. Moody’s also expects that 80% of syndicates will record a loss for 2000 and 70% for 2001. However, a potential profit of more than £1bn is forecast for 2002.