The Lloyd's of London building
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Business Bites: Lloyd's of London's huge losses for 2011

Lloyd's of London, the world's biggest insurance market, has reported an annual loss of $823m (£519; 619m euros).

Last year's tsunami and earthquake in Japan, as well as the floods in Australia and Thailand, meant that disaster claims hit a record $7.4bn (£4.6bn; 5.6bn euros) in total.

Lloyd's has warned that insurance premiums could rise as a result.

Meanwhile, the US, UK and France could release their strategic oil reserves as the price of crude oil grows ever higher.

The BBC's Aaron Heslehurst discusses the key financial stories of the day.

  • 28 Mar 2012
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