Insurance market Lloyd's posts huge loss on catastrophes

LONDON — The Lloyd’s of London insurance market on Wednesday posted its second-biggest loss on record due to major natural catastrophes including Japan’s earthquake disaster and floods in Thailand.

The company made a pre-tax annual loss of £516 million ($822 million, 615 million euros) in 2011, Lloyd’s said in a results statement, as the group was hit by soaring claims. That compared with a profit of £2.195 billion in 2010.

“Lloyd’s incurred total net claims of £12.9 billion during 2011, including £4.6 billion of catastrophe claims, making it the largest catastrophe claims year on record for the 324-year-old insurance market,” the group said.

“This follows a series of major catastrophes including flooding in Australia in January, the second earthquake in New Zealand in February, the Japanese earthquake and tsunami in March and the floods in Thailand beginning in July.”

The group added that total claims for the entire insurance industry totalled $107 billion last year.

“Make no mistake, 2011 was a difficult year for the insurance industry,” added chief executive Richard Ward in the earnings release.

“Given the scale of the claims, a loss is unsurprising but it reflects what we’re here to do—help communities and businesses rebuild after disaster.

“It is also reassuring that, despite this loss, our financial strength has been maintained.”

Lloyd’s had suffered its worst losses in 2001, when it logged a record pre-tax loss of £3.1 billion following the September 11 attacks on New York and Washington.

source: japantoday.com

Harry Potter actor jailed for 2 years over London riots

London (CNN) -- An actor in the Harry Potter movies was jailed for two years Tuesday for his role in riots that swept London last summer.

Jamie Waylett, 22, who appeared as Hogwarts school bully Vincent Crabbe in six Harry Potter films, was found guilty of violent disorder at Wood Green Crown Court, in north London.

He also pleaded guilty to handling stolen goods during rioting last August, according to court documents posted online.

However, the court cleared him of a charge of possessing an article with intent to destroy or damage property in relation to a petrol bomb he was carrying.

"Anyone watching the footage in this case can only imagine the mayhem that took place on the streets," Judge Simon Carr said, according to court documents.


Waylett had chosen to go out on the streets on what was the third day of the violence, the judge said, and video footage showed him near a supermarket that was being looted.

"You were pictured on a number of occasions with a bottle full of petrol with a rag as a wick," the judge said.

"I accept entirely the jury's verdict that you did not throw or have any intention of throwing it but merely being in possession of it would have been terrifying to anyone who saw you."

Waylett was given a two-year sentence for violent disorder and 12 months for handling stolen goods, to run concurrently, according to the court documents.

Rioting first broke out in Tottenham, north London, in the wake of a peaceful protest over the fatal shooting of a local man by police. It spread to other parts of London and other English cities over the following days.

The disorder was followed by a huge police crackdown on suspected rioters.

According to London's Metropolitan Police, across the city there were more than 3,800 arrests for a variety of offenses, including burglary, arson and violent disorder. As of last week, more than 1,300 people had been sentenced, with nearly half of them sent to prison.

source: http://edition.cnn.com/2012/03/20/world/europe/uk-harry-potter-actor-jailed/index.html