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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


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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


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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


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Table of source data for charts*

year
yearly profit/loss, $millions
cumulative loss, $millions
1988
-$789
-$789
1989
-$3,198
-$3,987
1990
-$3,595
-$7,582
1991
-$3,175
-$10,757
1992
-$1,718
-$12,606
1993
$349
-$12,257
1994
$1,697
-$10,560
1995
$1,781
-$8,779
1996
$939
-$7,840
1997
-$324
-$8,164
1998
-$1,643
-$9,807
1999
-$3,023
-$12,829
2000
-$3,720
-$16,549
2001
-$3,581
-$20,130

* 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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