Lloyd’s has suffered its largest catastrophe claims year yet, with a loss of £516 million ($788.5 million) for 2011. The market accumulated total net claims of £12.9 billion ($19.7 billion), of which £4.6 billion ($7.01 billion) was catastrophe-related.

The loss compares with a 2010 profit of £2.2 billion ($3.36 billion).

The market singled out the flooding in Australia in January, the second earthquake in New Zealand in February, the Japanese earthquake and tsunami in March and the July floods in Thailand as the main causes of catastrophe claims.

In the US, multiple tornadoes and Hurricane Irene devastated businesses and communities.