This content is not available in your region

Lloyd's insurers ready for euro collapse

Lloyd's insurers ready for euro collapse
Text size Aa Aa

The Lloyd’s of London insurance market has reduced its exposure “as much as possible” to the eurozone in case the bloc’s currency collapses.

That revelation came from its chief executive Richard Ward.

He said Lloyd’s has a contingency plan to switch euro underwriting to multi-currency settlement if Greece abandoned the euro, though he added he did not think that would bring down the euro.

“With all the concerns around the eurozone at the moment, we’ve got to be careful doing business in Europe and there are a lot of question marks over writing business in the future in euros,” Ward told the British newspaper the Sunday Telegraph.

“I don’t think that if Greece exited the euro it would lead to the collapse of the euro zone but what we need to do is prepare for that eventuality,” he said.

Europe accounts for 18 percent of Lloyd’s 23.5 billion pounds (29.4 billion euros) of gross written premiums, mainly in France, Germany, Spain and Italy, the newspaper said.