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Lloyd's of London chairman John Nelson on company profits, the company's future and risk management.
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Very much.
Well Lloyd's of London the world's largest specialist insurance market just reported its 20121.
Half results.
John Nelson as Lloyd's of London chairman anything.
Now from where else London dot quite big change hope hope we're quite big change for year oh.
With the numbers and you obviously -- -- nominees no fires and flooding in Thailand.
But it was -- anything else that you did on the business side to release turn things around for the company.
Well that these results frankly and they surprise because of 2011.
Is united was the worst of a catastrophe via for -- second.
Second for the month of uninsured market in history.
And we -- a loss of about 700 million in the first half of Austria which in fact was a relatively modest.
Lost considering the impact that that those catastrophes have this trusts off -- how it's being free of major catastrophe is.
If you look at the numbers.
We have.
Basically catastrophe losses of about 300 million pounds -- talking sterling.
Which plays three billion in the trusts off of last year but this is only half -- and remember in seasonal sons Lloyds is biggest catastrophe exposure.
Comes in the second half of the -- because of the Atlantic wind storm -- -- let's talk about a couple of other things here last time that you were -- we're talking about vision 2012.
-- you're talking about.
About the -- -- I've won it but she's cute and explain 25 this is 2012 thank you very much.
-- -- -- -- -- You're ugly you're talking about the vision for the company in the future one of the things that you told a lesson here on the show as your -- really expanded to growth economies.
Write your biggest market is the United States.
That that may surprise any of our viewers but what is next -- what economies are you looking at as far as growth opportunity.
Well basically.
The -- 40% of all businesses is United States.
20% UK 16%.
Europe and around the rest -- the rest of the world with a fairly heavy English speaking bias -- let it.
And in the Chinatown and the Muslims saying not -- -- -- is that going to be India and there's got to be in Brazil -- Yes it it southeast Asia it's China it's India.
It's parts of east and Europe like Turkey and Poland and its and its South America clearly Brazil Mexico or Columbia.
Okay what are the things I think Arizona's so I sing about -- -- -- -- -- -- everything from oil rigs are bridges a celebrity body parts and needed everything in between.
But it's gotta be it's gotta be really difficult Sunday's that's actually value the rest -- your brokers and your underwriters are valuing them at what is the most risky thing that they're looking at right now the make some really nervous when -- on the paper.
Well of the good that the the area which is encompasses the -- -- risk in terms of size would be.
The sort of risk we and full.
Which is consequent upon floods wind all earthquake in other words geographic and geological issues.
Climactic issues.
And that the quote quality all of the underwriting skills the modeling.
And so on that's done in the Lloyd's market is second to none.
And I believe that we have the finest collection of underwriting skills in the world him right here in London.
Public -- you certainly have -- out of the numbers John it's always gonna say congratulations on a very positive first -- for you as the role of chairman.
For Lloyd's of London thank you very much.
