Lloyd’s of London warned yesterday that an absence last year of natural disasters or man-made accidents was putting pressure on firms to reduce premiums in 2008.
The world’s oldest and biggest insurance market said that though the lack of major disasters had allowed firms to push up profits 5% in 2007, underwriting margins were being squeezed.
h/t reader Fred.
this is great news for non-AGW business!
lets all hope for sunny skies
less doom and gloom (that means you Suzuki/Gore)
happy daze are here, again
the sky above is clear, again
let us sing a song of cheer, again
HAPPY DAZE ARE HERE AGAIN
I wouldn’t take Lloyd’s as a beacon of leadership quite yet. After all, they filed for bankruptcy protection a few years ago.
Does this improvement include the decrease in “successful” acts of terrorism in western countries? Chances are had the (alleged) would-be aircraft bombers taken down seven 747 or 737 aircraft with their liquid explosives, those air travel premiums would be a lot higher…
All credit to our police and special services here at home, and to our troops wherever they are serving!
Good point Alchemist. I just got back from spring break vacation. Just realized that for the first time in 6 years I was more concerned if I would have an obese person sitting next to me rather than an islamofaschist on the flight.
How many Million$, Billion$ did Al Gore’s fear-mongering cost !? Higher premiums for Llyod’s customers !?
Grounds for legal action ?
I can imagine Al-Gore-rhythmic Davidian Scare-zuki types will declare devastatingly more average averages than all averages to date.
Here is thinkprogress.org’s spin on the same Drudge report.
Paula:
“Spin” is a good word. Good (and believable) intro to the subject can be found at…
http://friendsofscience.org/
[quote]I wouldn’t take Lloyd’s as a beacon of leadership quite yet. After all, they filed for bankruptcy protection a few years ago.[/quote]
Hector,
Lloyds of London are not a Corporation as such, they are individual member investors that form a risk pool per policy.
If you want a policy from Lloyds you make a formal presentation to the Lloyds members and they (some members) may or may not join into a pool for your policy.
It’s not that long ago that some Canadians were asked to join as members of Lloyds, and assume some “old” policy obligations… They lost their Money!