Lloyd’s of London has taken a £1.4billion hit from Donald Trump’s Iran war and sounded the alarm over a new era of ‘disorderly’ global events.
The insurance market was also buffeted by turmoil on bond markets – another knock-on effect of the conflict – leading to a slump in its investment returns.
Lloyd’s said profits for the first half of this year fell 17 per cent to £3.5billion.
Chief executive Patrick Tiernan said events had ‘provided further evidence we are now operating in a world that is structurally disorderly rather than just passing through a period of heightened volatility’.
Underwriters at Lloyd’s provide cover for risks across the globe, from shipping and terrorism to fine art and racehorses.
