Lloyd’s of London posts losses due to Hurricanes in the U.S.

Lloyd’s of London posts losses due to Hurricanes in the U.S.

Lloyd’s has posted its first loss in last couple of years due to the worst hurricane season on record. These hurricanes caused huge damage to oilrigs, ships, and towns along the U.S. Gulf Coast last year.

As per the company statement, the pretax loss was 103 million pounds ($180 million) in 2005. This is bad when compared to profit of 1.37 billion pounds the year before. The company has not provided the net figures.

Market analysts believe that these figures are pretty good considering the effects of the hurricanes last year. The company made losses of around 3.3 billion pounds from the U.S. hurricanes. This was worse then the losses made due to the September 11 attack a couple of years back.

The company suffered losses of around 3.1 billion-pound in 2001 due to the high costs of the insurance related to the 9/11 attacks. Since then, they have taken many steps to ensure that similar calamities won’t affect the company much.