Lloyd’s of London swings to loss after £21bn of claims including Hurricane Ian and Ukraine

Lloyd’s of London building. The group said it made a one-off payment to many employees to help them cope with the cost of living crisis. Photograph: MBI/Alamy

Lloyd’s of London has swung to an annual loss as it paid out more than £21bn to customers, for claims relating to the war in Ukraine, Hurricane Ian and other events.

The world’s biggest insurance market reported a pre-tax loss of £769m for 2022, compared with a profit of £2.3bn in 2021. Its payouts included “substantial claims” related to Ukraine and £2bn for property damage from Hurricane Ian in Florida.