{"id":277289,"date":"2026-09-03T22:04:33","date_gmt":"2026-09-03T22:04:33","guid":{"rendered":"https:\/\/www.europesays.com\/iran\/277289\/"},"modified":"2026-09-03T22:04:33","modified_gmt":"2026-09-03T22:04:33","slug":"lloyds-of-london-loses-1-4bn-on-iran-war","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/iran\/277289\/","title":{"rendered":"Lloyd\u2019s of London loses \u00a31.4bn on Iran war"},"content":{"rendered":"

Lloyd\u2019s of London has warned it will suffer losses of \u00a31.4bn as a result of the war between the US and Iran.<\/p>\n

The insurance market, which dates back to the 1680s, said it expected to pay out the sum to policyholders after fighting in the Middle East triggered major claims.<\/p>\n

Iranian strikes on Dubai and Qatar have caused significant damage to buildings and infrastructure since the start of the conflict.<\/p>\n

A recent strike on a petrochemicals plant owned by Sabic,<\/a> the Saudi Arabian chemicals company, is expected to result in an $800m (\u00a3600m) insurance claim, according to the Financial Times.<\/p>\n

Patrick Tiernan, Lloyd\u2019s chief executive, said \u201cpolitical violence, terror and marine war\u201d were the \u201cmain drivers of the losses\u201d in the Middle East.<\/p>\n

The \u00a31.4bn hit equates to around a quarter of the losses Lloyd\u2019s has taken from the war in Ukraine since Russia\u2019s full-scale invasion in 2022.<\/p>\n

Mr Tiernan said losses in Ukraine were exacerbated by sweeping sanctions, which led to Russia seizing more than 400 aircraft from Western leasing companies<\/a>. The clash saw City insurers pay out $4.5bn to the firms whose planes were seized.<\/p>\n

However, strict sanctions on Iran before the war meant a similar situation was avoided in the Middle Eastern conflict.<\/p>\n

Mr Tiernan said: \u201cThe biggest driver of loss to the insurance industry \u2013 certainly to Lloyd\u2019s \u2013 from Ukraine was the impact of sanctions on the aviation [industry].<\/p>\n

\u201cThat hasn\u2019t been the case in the Middle East. The Gulf was comprehensively sanctioned in advance. The cover isn\u2019t there.\u201d<\/p>\n

The war losses contributed to a 17pc drop in Lloyd\u2019s profits to \u00a33.5bn in the first half of the year. Lloyd\u2019s pays its profits directly to members, who include everyone from wealthy individuals to hedge funds and investment firms.<\/p>\n

Lloyd\u2019s also announced it had overhauled its governance in the wake of the scandal surrounding John Neal, its former boss<\/a>.<\/p>\n

Mr Neal was accused of having a workplace affair with a colleague, Rebekah Clement, after stepping down as the insurance market\u2019s boss in 2025.<\/p>\n

An investigation by Lloyd\u2019s subsequently found \u201cno conclusive evidence\u201d that the pair had a romantic relationship.<\/p>\n

However, it determined Mr Neal failed to disclose a \u201csufficiently close\u201d relationship with Ms Clement. The PR executive has since threatened legal action against Lloyd\u2019s.<\/p>\n

Both Mr Neal and Ms Clement declined to answer questions about the nature of their relationship during the investigation, and Mr Neal also declined to provide Lloyd\u2019s with access to his mobile device.<\/p>\n

Lloyd\u2019s governance overhaul will include more stringent disclosure rules and a new duty of candour imposed on the chief executive.<\/p>\n

Mr Tiernan said: \u201c[Sir Charles Roxburgh] when he came in as chair, was very open and very determined to bring the level of governance at Lloyd\u2019s up to, as he would see, public company standards of governance.\u201d<\/p>\n

\u201cThis is an industry that\u2019s built on trust. And as the home of insurance, we\u2019ve got to hold ourselves to the highest standards because we actually enforce standards of culture and governance across the Lloyd\u2019s market.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Lloyd\u2019s of London has warned it will suffer losses of \u00a31.4bn as a result of the war between…\n","protected":false},"author":2,"featured_media":277290,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[3],"tags":[328,9622,303,34,196,49,55,53,274],"class_list":["post-277289","post","type-post","status-publish","format-standard","has-post-thumbnail","category-iran","tag-business","tag-companies","tag-insurance-industry","tag-iran","tag-iran-war","tag-middle-east","tag-russia","tag-russia-ukraine-war","tag-standard"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@iran\/117209377240282039","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts\/277289","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/comments?post=277289"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts\/277289\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/media\/277290"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/media?parent=277289"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/categories?post=277289"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/tags?post=277289"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}