(Reuters) – Hurricanes, typhoons and fires in 2018 drove Lloyds of London to steep losses for the second year, but its chief executive said he expects a stronger focus on performance will bring the market back to profit this year. 19659002] Lloyds insures complex risks from ships to works of art and houses about 80 member syndicates and its results are an aggregate of the members' financial results.
Insured losses from natural disasters such as typhoons in Japan and hurricanes and fires in the US amounted to $ 80 billion last year, according to industry estimates, after losses of $ 140 billion in 2017 after three major hurricanes in the United States and the Caribbean.
The competition in the sector has made it harder for insurance companies to raise their prices sharply even after 201
"We are convinced that the plans presented for 2019 will lead us to profit," said John Neal, chief executive of Reuters, adding that the key issue was to make sure the plans were implemented.
Lloyds reported a loss of £ 1 billion ($ 1.32 billion) in 2018, following a loss of SEK 2 billion in 2017.
Lloyd's total share, a measure of insurance profitability, strengthened to 104.5% from 114%.
After a half-month review of his business, Lloyds said it will publish a prospectus detailing its plans on May 1. In an overview of the prospectus published on Wednesday, Lloyds said it was aimed at reducing the costs of doing business at Lloyds and encouraging new types of capital on Lloyd's platform.
Lloyds has also violated their sexual harassment policies, following a Bloomberg News report last week highlighting issues such as sexual harassment in the market.
Lloyds announced an action plan on Tuesday in response to the report.
It will bring two women to their nomination committee and undertake to hear the women's accounts in the Bloomberg article in a secure and confidential space. It has also introduced a number of policy measures, including sanctions and potential bans on life to enter its tower.
Former CEO Inga Beale, Lloyd's first female CEO, was aware of the diversity. Neal took over as CEO in October 2018.
Mr. Neal told Reuters that he had written to senior executives in the market members to ask for their policies on a number of issues of diversity and inclusion, including sexual harassment, drugs and alcohol, in an attempt to raise standards.