Lloyd's is crunching through the numbers of its recent losses ready to make a £183m claim on the insurance policy protecting its safety net, the central fund.

The market's management received data from syndicates at the end of June, to enable them to calculate the scale of claims that cannot be paid out of the syndicates' regular funds.

The central fund exists to pay off policy holders when underwriters haverun out of cash to meet their obligations.

The market took out insurance to protect the central fund in 1999, covering it until the end of 2003.

The policy has an excess of £100m and will pay out up to £350m a year with a total maximum of £500m over the duration of the policy.

Lloyd's will claim £183m this year from the central fund's insurers, Swiss Re, ERC, St Paul Companies, Hannover Re, XL and Chubb.