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Charting
Lloyd's Losses |
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The charts below illustrate the losses Lloyd's has generated between 1988 and 2001, the last year for which figures are available. Chart 1 shows only the losses
as reported at the end of Lloyd's three-year accounting cycle. It does
not show the further deterioration of the losses after three years, or
the billions in claims that have been paid by Equitas since 1996. Chart 2 Chart 2 illustrates the old saying that "the more things change, the more they stay the same." After boasting of their return to profitability and putting their "Reconstruction and Renewal" package into place, it only took four years for Lloyd's to fall into a strikingly similar pattern of losing billions of dollars. Again, the losses shown are as of the end of the three-year accounting cycle. Any further deterioration of the accounts for 1997 and 1998 is not shown. In fairness, it should be noted
that Lloyd's did apparently return to profitability in the interim (1993-1996)
between the years covered in Charts 1 and 2-- but not enough, nor for
long enough, to say that the changes Lloyd's made remedied the situation.
The interim years of profit hadn't even come close to making up for the
cumulative losses of the previous five years before new losses began in
1997, as shown in Chart 3. Chart 3 Table of source data for charts* |
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year |
yearly profit/loss,
$millions |
cumulative loss,
$millions |
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1988 |
-$789 |
-$789 |
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1989 |
-$3,198 |
-$3,987 |
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1990 |
-$3,595 |
-$7,582 |
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1991 |
-$3,175 |
-$10,757 |
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1992 |
-$1,718 |
-$12,606 |
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1993 |
$349 |
-$12,257 |
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1994 |
$1,697 |
-$10,560 |
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1995 |
$1,781 |
-$8,779 |
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1996 |
$939 |
-$7,840 |
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1997 |
-$324 |
-$8,164 |
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1998 |
-$1,643 |
-$9,807 |
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1999 |
-$3,023 |
-$12,829 |
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2000 |
-$3,720 |
-$16,549 |
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2001 |
-$3,581 |
-$20,130 |
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* All figures acquired from Lloyd's Global Reports or press statements. Conversion factor used: £1 = $1.55 Last Updated on 4/25/03 |
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