INSURANCE

Lloyd’s Forecasts Record Loss: Lloyd’s of London said forthcoming results will show its worst-ever loss, and analysts said the gap could be as much as $3.7 billion. Comments by Lloyd’s Chairman David Coleridge and figures from independent analysts came as Lloyd’s ruling council met to discuss crucial plans to help the worst-hit of its 22,000 underwriting members. “Insurance companies worldwide have been reporting severe losses in recent years. Not surprisingly, therefore, it is now widely expected that the 1989 underwriting year (its latest closed underwriting year) at Lloyd’s will produce the worst overall loss in its history,” Coleridge said.