Lloyd’s insurers received a fillip after their tax on claims equalisation reserves (capital set aside in below average years for difficult times in the future)?was brought in line with general insurers.

Luke Savage, Lloyd’s finance director, said it welcomed the changes.

“They will bring Lloyd’s members in line with other general insurers and go some way to ensuring that Lloyd’s corporate members can continue to compete globally. There is more which could be done but we are encouraged by the government’s response so far.”