Lloyd's of London, the world's oldest insurance market, returned to profit last year as fewer disasters struck in 2012 (results). The market announced a profit of £2.77bn following losses of £516m in 2011.
While 2011 was a record year for natural disaster claims, last year was not without incident. Claims resulting from Superstorm Sandy (which struck the Caribbean and North America last October) cost Lloyd's £1.4bn.
Lloyd’s CEO Richard Ward commented on the results:
The Lloyd’s market has posted a strong result, despite incurring £10bn of total net claims in 2012, including Superstorm Sandy, one of the costliest natural catastrophes in history.