Lloyd’s continues to report its results three years after they happened. More than $3 billion was lost in 1998 and 1999 looks like coming in at an even greater loss. Now early indications are that last year was a bad one, too, despite rising premiums and few global catastrophes.

The market’s Chairman, Sax Riley, said last week that Lloyd’s run of “diabolical” losses continued in 2000. 

Finance Director Andrew Moss said expectations that accounts would break even in 2000 haven’t been realised. While last year was better, the results of higher premiums won’t flow through until this year. Bad debts and bad underwriting decisions are still causing problems.

Mr Riley has announced a 10-year plan to raise profits and help poor performers to quit the market.