The executive director of London Lloyds, one of the world’s largest insurance companies, said the company reported a loss of £1.4 billion (equivalent to about $1.9 billion) due to the war in the Middle East.

Jim Beechard says that attacks on ships are only part of this loss, and that the more significant portion is related to attacks on land-based facilities, including the petrochemical industries in Saudi Arabia.

Over the past six months, the Islamic Republic has carried out widespread attacks on ships and energy facilities in the region. According to an estimate by the International Maritime Organization, during this period 77 ships were attacked in waters south of Iran; in addition to material damage and oil spills, 19 crew members were killed.

Lloyds London published its financial performance for the first six months of 2026 yesterday, showing that during this period it recorded £3.5 billion in profit before tax, which is £700 million less than the same period in the previous year.