Lloyd's, the world's oldest insurance market, revealed near-record profits for 2013 but warned that the global maritime sector faced tough challenges in 2014 and beyond. Its marine classes had underwriting losses for 2013, but this was redeemed by its ability to free sizeable reserves from prior years that had not been used. However, Lloyd's warned that despite the upturn in global trade and its own 2013 profits of £3.2Bn ($5.28Bn), the maritime industry and its insurers faced "key issues". It described the performance of the marine hull market last year as "disappointing", with rates at the bottom of the pricing cycle, and saw continued downward pressure on rates.
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