Lloyd’s losses hit £697m

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