Craig Scarr
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City of London 'major player' in insurance industry

The Lloyd's of London insurance market has reported a half year loss of nearly £700m - compared with a profit of £628m in the same period last year.

It has been an expensive time for the industry with a string of natural disasters around the globe - resulting in £2.4bn worth of claims.

Craig Scarr, is head of the insurance auditing and consulting firm, Mazar and he explains why Lloyds of London feels the brunt of global disasters.