Lloyd’s of London takes £1.1bn hit from Ukraine war

Insurance market warns of financial fallout from conflict and tough year of natural catastrophes

• Russia-Ukraine war: latest updates

Lloyd's of London has warned of a challenging year" of natural catastrophes, the invasion of Ukraine and inflation as the world's oldest insurance market took a 1.1bn hit from unrecoverable planes and cargoes related to the war in Ukraine.

The group said it had set aside the sum for customers affected by the conflict, mostly for grounded aircraft, ships trapped in the Black Sea and disrupted exports of cereals and agricultural products from Ukraine and Russia.