A £1bn ($1.3bn) loss reported by the Lloyd’s of London insurance market for 2018 could lead to a further depletion of marine capacity at the historic insurance market.
Marine has been identified by managers as one of the poorest performing sectors at Lloyd’s.
Although the £1bn loss figure for 2018 is half the £2bn that the market reported in 2017, chief executive John Neal insisted there would be no let up in the profit drive that saw 11 syndicates forced to significantly reduce marine capacity or even totally withdraw from the market last year.
