In early March 2023, Lloyds of London (Lloyds) released their full 2022 results, announcing a profit of GBP 2.6Bn (2021: GBP 1.7Bn) for the year and a combined ratio of 91.9% (2021: 93.5%).
This confirms Lloyds have now categorically reversed years of previous loss-making periods and their second consecutive underwriting profit; increasing this metric by a significant 52% over the 2021 result.
CRE, in partnership with Woods Insurance Brokers, has joined forces to establish CRE in Western Australia, commencing from 1st February 2023.
Operating as an extension of CRE, CRE WA will now connect with us nationally to specialise in mining, construction, and energy risks both locally and on those clients with international assets.
Resource Industry Network Briefing, Mackay, Friday 3rd February 2023
CRE partners with Resource Industry Network and other regionally based industry advocates to help mining, construction, and engineering companies tackle their contract negotiations and operational risks head on, with the confidence of having people with our experience that is rarely available to clients based outside of capital cities.
A significant chunk of Australia’s financial services industry has a problem.
On the one hand, many of the world’s banks and insurers have refused to finance and insure fossil fuels industries because of their inherently conflicted ESG principles.
Yet, on the other hand, their shareholders are missing out on a huge opportunity to create value for themselves, Australia and the rest of the world.
There has never been a more important time to back Australia’s mining and manufacturing industries, and the lead indicators in Europe is all the evidence we need.