Insurance bill for Ukraine war to hit £1.4bn, says Lloyd's of London

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The Lloyd's of London insurance market has set aside another £300 million to cover Ukraine-related claims, lifting the total expected claims bill for the war to £1.4 billion.

The disclosure came in full-year results for 2022, which showed the organisation sinking to a pre-tax loss of £769 million as a sparkling underwriting performance was overshadowed by heavy mark-to-market losses on its investment portfolio. The loss compared to a 2021 pre-tax profit of £2.28 billion.

Falling bond and equity markets over the course of last year forced Lloyd's to book £3.13 billion of losses on its £86 billion investment portfolio. It said that these were non-cash accounting losses only and that, for its bond holdings at least, the losses would "reverse out over the next two-to-three