The Lloyd's Names Association (LNA) welcomed Lloyd's updated estimates of its loss from the 11 September terrorist attacks on the US, but said they were still too low.
It said although Lloyd's new forecast of a £1.9bn net loss was closer to its own estimate of £2bn to £2.5bn, there were other unacknowledged liabilities. It said Lloyd's would face further losses when reinsurance claims were processed next spring.
LNA said: "At present the admitted exposures of the world's leading insurers, including Lloyd's, are still only half the ultimate insurance cost."
The LNA said Lloyd's claim that the increase in net loss was due to "new property claims and increasing reinsurance exposures" was incompatible with its statement that there had only been a 6% rise in its gross loss.
It said no provision had been made for reinsurance failure in spite of the failure of Taisei this week.
