Top Lloyd's of London execs today praised the world-renowned insurance market's response to a series of crippling natural disasters.
In an open email to the market, chief exec Inga Beale and chairman Bruce Carnegie-Brown said 2017 had been a "year of two halves".
With comparatively few losses over recent years, the first six months of 2017 represented "challenging conditions" as insurers pricing was squeezed.
But in the second half upwards pricing pressure returned as hurricanes Harvey, Irma and Maria lashed the Caribbean and US. Meanwhile, Mexico was hit by deadly earthquakes and California has been blighted by savage wildfires.
Lloyd's syndicates have already paid out $2bn (£1.5bn) in claims for the three hurricanes alone. The corporation said it will bolster capital reserves by $3bn as a result.
Beale and Carnegie-Brown wrote:
The market’s response to these catastrophes has been phenomenal – working together to pay claims and get businesses and communities back on their feet as quickly as possible.
Despite the level of claims no syndicate has folded, Lloyd's said.
Meanwhile, the Lloyd's heads said the market is "now more efficient", cutting costs by £1m during the year and identifying a further £8m of cost-savings over the next five years. This meant standard market subscription could be reduced by 10 per cent for the second successive year.