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Poor showing means fewer rewards.
Lloyd’s of London posting its first loss in six years is probably the biggest news this week in the world of insurance. Now, according to Evening Standard and This is Money, the insurance market’s chief executive has suffered a blow – failing to get a £200,000 (around SG$371,000) bonus due to Lloyd’s performing below par.
Without the incentive, the reports said Inga Beale’s pay saw a 15% drop as Lloyd’s lost £2 billion (around SG$3.71 billion) in 2017. From the previous £1.53 million (around SG$2.84 million), she was reportedly paid £1.3 million (around SG$2.41 million) last year.
“The market experienced an exceptionally difficult year in 2017, driven by challenging market conditions and a significant impact from natural catastrophes,” said Beale yesterday when the market’s loss was announced.
Lloyd’s said the frequency and scale of the disasters in the second half of 2017 saw major claims cost the market £4.5 billion (around SG$8.36 billion), or more than double the £2.1 billion (SG$3.90 billion) figure for 2016. This, in turn, meant an underwriting loss of £3.4 billion (SG$6.32 billion).
