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                            <title>    Lloyd&#039;s of London: Profit down 16%, Harvey and Irma cost estimates - BI
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class="globe-inner-circle" fill="#FFF" d="M10 1.1c-4.9 0-8.9 4-8.9 8.9s4 8.9 8.9 8.9 8.9-4 8.9-8.9-4-8.9-8.9-8.9zm0 16.7c-4.3 0-7.8-3.5-7.8-7.8S5.7 2.2 10 2.2s7.8 3.5 7.8 7.8-3.5 7.8-7.8 7.8z"/><path class="globe-outer-circle" fill="#848F91" d="M10 20C4.5 20 0 15.5 0 10S4.5 0 10 0s10 4.5 10 10-4.5 10-10 10zm0-1.1c4.9 0 8.9-4 8.9-8.9s-4-8.9-8.9-8.9-8.9 4-8.9 8.9 4 8.9 8.9 8.9z"/></svg>
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    <section class="accounts-list accounts-list-dropdown" data-accounts-list-dropdown>
        <div class="accounts-header accounts-list-dropdown">
            <span class="accounts-icon-wrapper">
                <svg class="svg-icon profile-icon accounts-list-dropdown" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 17 18.8"><path class="profile" fill="none" stroke="#848F91" d="M.5 14.8c.1-1.1 1-2.1 2.4-2.8.5.7 1.1 1.3 1.5 1.7.9.8 2.8 1.2 4 1.2s3.1-.4 4-1.2c.5-.5 1.2-1 1.7-1.6 1.4.7 2.2 1.7 2.3 2.7v3.4H.4l.1-3.4zm8-4c-3.6 0-4.6-4-4.6-6.2S5.9.5 8.5.5 13 2.3 13 4.6s-1 6.3-4.5 6.2z"/></svg>            </span>
            <div class="accounts-header-title">BI ACCOUNTS</div>
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    <ul class="accounts-listgroup">

        
                                                
    <li class="accounts-listitem">
            <a class="accounts-link" href="/login" target="" data-signin-default aria-label="signin">BUSINESS INSIDER</a>

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                            <li class="accounts-listitem signout-listitem">
                                            <a class="accounts-link" href="/subscription/prime" target="" data-signin-default aria-label="signin">BI PRIME</a>


                                            <a class="accounts-link-logout is-access-denied" href="#" target="" data-bi-prime-logout aria-label="signout">SIGN OUT</a>

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<nav class="l-nav l-nav-full" data-nav data-e2e-name="l-nav" data-track-page-area="Navigation">
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                        <li class="verticals-accordion-flex-grow verticals-accordion-listitem" data-vertical-label="tech">
                                                            <label class="verticals-accordion-label " data-e2e-name="vertical-listitem-link" data-vertical-listitem="Tech" for="item1">
                                    <a href="/sai" class="verticals-accordion-listitem-link" data-e2e-name="vertical-listitem-link" data-vertical-listitem="Tech">Tech</a>
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                                                                            <section class="verticals-accordion-subvertical-section">
                                                                                                        <a href="/enterprise" class="verticals-accordion-subvertical-link">
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                                    <a href="/clusterstock" class="verticals-accordion-listitem-link" data-e2e-name="vertical-listitem-link" data-vertical-listitem="Finance">Finance</a>
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                                                                            <section class="verticals-accordion-subvertical-section">
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                        <li class="verticals-accordion-flex-grow verticals-accordion-listitem" data-vertical-label="politics">
                                                            <label class="verticals-accordion-label " data-e2e-name="vertical-listitem-link" data-vertical-listitem="Politics" for="item3">
                                    <a href="/politics" class="verticals-accordion-listitem-link" data-e2e-name="vertical-listitem-link" data-vertical-listitem="Politics">Politics</a>
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                                                                            <section class="verticals-accordion-subvertical-section">
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            News
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                                                                            <svg class="svg-icon chevron-icon verticals-accordion-chevron-icon" data-chevron-icon xmlns="http://www.w3.org/2000/svg" viewBox="0 0 14.4 8.4"><path class="chevron" fill="none" stroke="#848F91" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"/></svg>                                                                    </label>
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                        <li class="verticals-accordion-flex-grow verticals-accordion-listitem" data-vertical-label="strategy">
                                                            <label class="verticals-accordion-label " data-e2e-name="vertical-listitem-link" data-vertical-listitem="Strategy" for="item4">
                                    <a href="/warroom" class="verticals-accordion-listitem-link" data-e2e-name="vertical-listitem-link" data-vertical-listitem="Strategy">Strategy</a>
                                    <input data-label-transform class="verticals-accordion-input" id="item4" type="checkbox" />
                                                                            <section class="verticals-accordion-subvertical-section">
                                                                                                        <a href="/careers" class="verticals-accordion-subvertical-link">
            Careers
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                                                                                    </section>
                                    
                                                                            <svg class="svg-icon chevron-icon verticals-accordion-chevron-icon" data-chevron-icon xmlns="http://www.w3.org/2000/svg" viewBox="0 0 14.4 8.4"><path class="chevron" fill="none" stroke="#848F91" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"/></svg>                                                                    </label>
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                        <li class="verticals-accordion-flex-grow verticals-accordion-listitem" data-vertical-label="life">
                                                            <label class="verticals-accordion-label " data-e2e-name="vertical-listitem-link" data-vertical-listitem="Life" for="item5">
                                    <a href="/thelife" class="verticals-accordion-listitem-link" data-e2e-name="vertical-listitem-link" data-vertical-listitem="Life">Life</a>
                                    <input data-label-transform class="verticals-accordion-input" id="item5" type="checkbox" />
                                                                            <section class="verticals-accordion-subvertical-section">
                                                                                                        <a href="/thewire" class="verticals-accordion-subvertical-link">
            Entertainment
        </a>
    
                                                                                                        <a href="/travel" class="verticals-accordion-subvertical-link">
            Travel
        </a>
    
                                                                                                        <a href="/sportspage" class="verticals-accordion-subvertical-link">
            Sports
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                                                                                    </section>
                                    
                                                                            <svg class="svg-icon chevron-icon verticals-accordion-chevron-icon" data-chevron-icon xmlns="http://www.w3.org/2000/svg" viewBox="0 0 14.4 8.4"><path class="chevron" fill="none" stroke="#848F91" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"/></svg>                                                                    </label>
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                        <li class="verticals-accordion-flex-grow verticals-accordion-listitem" data-vertical-label="all">
                                                            <label class="verticals-accordion-label verticals-accordion-label-last" data-e2e-name="vertical-listitem-link" data-vertical-listitem="All" for="item6">
                                    <a href="/all" class="verticals-accordion-listitem-link" data-e2e-name="vertical-listitem-link" data-vertical-listitem="All">All</a>
                                    <input data-label-transform class="verticals-accordion-input" id="item6" type="checkbox" />
                                    
                                                                    </label>
                                                    </li>

                            
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    <section class="accounts-list accounts-list-exposed" data-accounts-list-exposed>
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        <h1 class="post-headline" >Lloyd&#039;s of London says Hurricanes Harvey and Irma could cost it $4.5 billion as profits fall 16%</h1>
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                                            <div><p><figure id="img-583109" class="figure image-figure-image image-figure-float-right float-md-right postload" data-type="img" data-e2e-name="image-figure-image" data-media-container="image" style=""><postload-img data-src="https://amp.businessinsider.com/images/59a558842488492b77206507-750-563.jpg" data-sizes="(min-width: 960px) and (max-width: 1259px) 640px, (min-width: 1260px) 960px, (-webkit-min-device-pixel-ratio: 2) 50vw, 100vw" data-srcset="https://amp.businessinsider.com/images/59a558842488492b77206507-160-120.jpg 160w, https://amp.businessinsider.com/images/59a558842488492b77206507-320-240.jpg 320w, https://amp.businessinsider.com/images/59a558842488492b77206507-480-360.jpg 480w, https://amp.businessinsider.com/images/59a558842488492b77206507-640-480.jpg 640w, https://amp.businessinsider.com/images/59a558842488492b77206507-750-563.jpg 750w, https://amp.businessinsider.com/images/59a558842488492b77206507-960-720.jpg 960w, https://amp.businessinsider.com/images/59a558842488492b77206507-1136-852.jpg 1136w, https://amp.businessinsider.com/images/59a558842488492b77206507-1334-1001.jpg 1334w, https://amp.businessinsider.com/images/59a558842488492b77206507-1536-1152.jpg 1536w, https://amp.businessinsider.com/images/59a558842488492b77206507-1920-1440.jpg 1920w, https://amp.businessinsider.com/images/59a558842488492b77206507-2560-1920.jpg 2560w" data-alt="Hurricane Harvey" ></postload-img><span class="image-source-caption"><figcaption class="image-caption" data-e2e-name="image-caption"> A person waits to be rescued from his flooded home after the area was inundated with flooding from Hurricane Harvey on August 28, 2017 in Houston, Texas. </figcaption><span class="image-source" data-e2e-name="image-source">
                                            Joe Raedle/Getty
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LONDON &mdash; Insurance marketplace Lloyd's of London warned on Thursday that early estimates suggest the impact of Hurricanes Harvey and Irma could cost it $4.5 billion (£3.3 billion). </p><p> The warning came as Lloyd's <a href=https://www.lloyds.com/news-and-insight/press-centre/press-releases/2017/09/interim-results-2017-gbp > pre-tax profits fell by 16% to £1.22 billion for the first half of the year</a>. That period had a relatively low level of natural disasters, suggesting the second half of 2017 could be even tougher. </p><p> Lloyd's said in its interim report: </p><p style="padding-left: 30px;"> "Windstorms Harvey and Irma made landfall on the United States and the Caribbean towards the end of August and early September 2017 respectively. </p><div data-bi-ad id="ad-411087"
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         data-url="lloyds-of-london-profit-down-hurricane-harvey-irma-cost-estimates-2017-9"></div><p style="padding-left: 30px;"> "These events have caused significant damage in the states of Texas and Florida in the United States and to a number of islands in the Caribbean. It is currently too early to reliably estimate the financial impact of these loss events to the Lloyd's market given the level of uncertainty at this stage of development. Our preliminary analysis indicates net claims, after reinsurance, to the Lloyd's market in the region of $4.5bn." </p><p> Harvey and Irma's economic cost to the US has been <a href=https://www.theguardian.com/business/2017/sep/10/economic-cost-of-hurricane-irma-could-reach-300bn > estimated as high as $300 billion</a>, with insurers thought to be liable for half of that. However, insurance companies cover themselves through the so-called "reinsurance" market, where companies take out insurance themselves. Lloyd's disclosure suggests this reinsurance will not cover all the estimated damage. </p><p><a href=http://uk.businessinsider.com/hurricane-maria-path-track-update-2017-9 > Hurricane Maria also recently battered the Caribbean</a> and Lloyd's said it is too early to estimate that impact of that disaster. </p><p> Lloyd's CEO Inga Beale said the marketplace's results on Thursday reflect "the challenging conditions that have shaped the sector over recent years." </p><p> She added: "Whilst these results do not cover the current hurricane season in the Caribbean and United States, the market is assessing claims and starting to make payments that will help local communities and businesses get back on their feet as quickly as possible. </p><p> "It is our ability to respond quickly and effectively in times like these that differentiates the Lloyd's market and is ultimately what we are here to do." </p><p><div id="embed-224899" class='postload embed-container script-raw ' data-type="embed" data-embed-type="raw" data-postload="&#x20;&#x20;&#x20;&#x20;&#x20;&#x20;&#x20;&#x20;&lt;div&#x20;class&#x3D;&quot;apester-media&quot;&#x20;&#x20;data-media-id&#x3D;&quot;5940d79880639da10ef5a0a5&quot;&#x20;data-channel-id&#x3D;&quot;56e1699bd791afe502395b06&quot;&#x20;height&#x3D;&quot;488&quot;&#x20;style&#x3D;&quot;display&#x3A;&#x20;block&#x20;&#x21;important&#x3B;&#x20;height&#x3A;&#x20;488px&#x20;&#x21;important&#x3B;&quot;&gt;&lt;&#x2F;div&gt;&#x0A;&lt;script&#x20;async&#x20;src&#x3D;&quot;&#x2F;&#x2F;static.apester.com&#x2F;js&#x2F;sdk&#x2F;v2.0&#x2F;apester-javascript-sdk.min.js&quot;&gt;&lt;&#x2F;script&gt;&#x20;&#x20;&#x20;&#x20;" data-e2e-name="embed-container" data-media-container="embed"></div></p></div>
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