2004 The Big Picture

For the industry, 2004’s natural catastrophes were a reminder of our exposure to loss. Under such circumstances Lloyd’s performance was exceptional.

Casualty

Improved underwriting conditions, but long tail liabilities continue to cast a shadow over profitability.

Property

A good attritional loss record and strong pricing, but the US hurricanes made a major impact.

Reinsurance

Another strong year, despite the impact of the Florida hurricanes, and the continuing need to guard against concentration of risk.

Motor

With supermarkets and others pursuing the high volume business, Lloyd’s underwriters continued to carve out a more specialist niche.

Marine

Pricing improvements continued, but with increasing competition from overseas markets.

Energy

Despite unprecedented losses and increased pricing pressure, Lloyd’s energy book delivered an excellent result.

Aviation

The best loss record since 1945 led to downward pressure on prices, but Lloyd’s expertise continued to pay.