Lloyd’s profits approach £3bn

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The specialist insurance market reported that gross written premium income reached a record high of £25.5bn, partly as a result of average rate rises of 3%.

Total net incurred claims were £10.1bn, down from £12.9bn in 2011.

Claims included $2.2bn [£1.4bn] from Superstorm Sandy which struck the Caribbean and North America in October 2012, becoming one of the largest claims in Lloyd's 325-year history.

The market's combined ratio for 2012 came in at 91.1%, an improvement of 15.7 percentage points

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