Lloyd’s losses hit £697m

The Lloyd's building

The specialist insurance market said the loss followed the costliest six months on record for insurance companies in terms of major catastrophes. It added the year as a whole was already likely to be the second most expensive ever for insurers.

Lloyd's also revealed a combined operating ratio of 113.3% for the half year (H1 2010: 98.7%) and highlighted that its investments had led to a return of £548m (H1 2010: £597m).

It added that record central assets of £2.47bn meant the market was well

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