Malaysia and AirAsia plane crashes hit insurer profits

Lloyd’s was hit with £310 million of aviation claims - the most it has faced in 14 years

Crashes, airports turning into warzones and lost planes hit the profits of 327-year-old insurer Lloyd's of London after the worst year for airlines since 2001.

Claims from the two Malaysian Airline crashes, fighting at Tripoli airport and other tragedies including an AirAsia plane crashing off the coast of Indonesia in December left Lloyd’s with £310 million of aviation claims - the most it has faced in 14 years. 

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These disasters came in an otherwise benign year for catastrophe losses at Lloyd’s, whose underwriting syndicates protect against risks including earthquakes and windstorms. It said it was too early to estimate the cost of potential claims from this week’s Germanwings disaster that crashed into the French Alps, although German insurance giant Allianz has already confirmed it is the lead insurer.  

Lloyd’s of London can trace its roots back to 1688, when it was founded in Edward Lloyd’s Coffee House in the City of London. It is now the world’s largest insurance market with gross written premiums of £25.3 billion.