Lloyd's lost about £1.11bn in 1999 and £1.06bn the previous year.

The insurance market's estimated losses follow high levels of catastrophe claims in the US and

Caribbean. Syndicates have also almost doubled their provisions for bad debt, because of concerns about the security of some reinsurers.

Chairman Sax Riley said the current year of account showed “much more positive characteristics that indicate that 1998 and 1999 were the bottom of the loss cycle”.


The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.

Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.