Lloyd's of London Estimates $1.4 Billion Insurance Loss From U.S.-Iran War in Gulf

Lloyd's of London estimated that the U.S.-Iran war will cause 1.4 billion pounds in losses in the Gulf region. According to Sina Finance, Lloyd's CEO Patrick Tiernan said the losses mainly come from damage to onshore infrastructure, triggering many claims under political violence and terrorism policies. Tiernan said the 1.4 billion pounds is about one-quarter of Lloyd's cumulative losses under the Russia-Ukraine war since the full-scale outbreak in 2022. He also said the market's pretax combined profit fell nearly one-fifth to 3.5 billion pounds, while underwriting profit for the first half through June 30 rose from 1.5 billion pounds a year earlier to 1.9 billion pounds.