Lloyd's, the specialist insurance market, has reported a 30% dip in annual profits to £2.1bn and warned of the need for protection from terrorism "now more than ever".
Lloyd's pointed to a "fast-moving world", with other threats including climate change and cyber crime, in its annual report released just 24 hours after the bomb attacks in Brussels.
It said the financial result for 2015 reflected a "sound market-wide performance despite a turbulent macro-economic backdrop and some of the most challenging market conditions the industry has seen for many years".
Lloyd's cited a fall in investment return to £400m from £1bn in 2014 and pressure on prices.
The market's return on capital fell to 9.1% from 14.1% a year earlier.
Chairman John Nelson said: "In a market undeniably tougher than seen for many years, we have had to demonstrate our ability to adapt and take action.
"In these conditions, these results are creditable".
Lloyd's, which is underwritten by more than 80 syndicates, said it remained focussed on its Vision 2025 plan and expanded market interests in Beijing and Dubai.
But it also pointed to pressure from regulatory obligations and changing technology.
Chief executive Inga Beale said: "Looking across the financial sector, we live in the age of disruptive innovation.
"The breakneck pace of adoption of new technology, changing attitudes towards ways of working, and higher expectations of business ethics are destabilising traditional models."
"Therefore, the importance of innovation and modernisation - to the health of the market and for the benefit of policyholders - cannot be overstated."
She added: "Lloyd's is pursuing its strategy to deliver risk solutions to a fast moving world.
"Business looks to the Lloyd's market to underwrite policies too complex for others to handle. Protection from cyber attacks, terrorism and climate change are needed now more than ever."
She expected market conditions to remain challenging, "providing a climate of reduced levels of returns".
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