Some scientists believe it’s still too soon to link global warming to climate change. But the hurricanes of 2004 certainly provided fuel for the debate. In just over six weeks, Florida – the so–called Sunshine State – was battered into submission by Charley, Frances, Ivan and Jeanne. The devastation could, in fact, have been much worse, if more of Florida’s built–up areas had been hit. But nevertheless, the total industry loss is estimated to cost approximately $25bn, of which Lloyd’s share is $2.3bn. Unwelcome of course, but that’s the business we’re in. And, as ever, disaster presented us with an opportunity to demonstrate what makes Lloyd’s different. In 1906, the speed with which we met claims following the San Francisco earthquake made Lloyd’s reputation in the USA. Very nearly a century later, we reinforced that reputation, with 86% of the Florida claims settled by Christmas. And, while others battened down the hatches, we continued to offer insurance, partly explaining why Lloyd’s share of the US home insurance market continues to grow dramatically.