to insurance analysts Chatset.

This loss would bring Lloyd's most recent five-year losses to about $14.22 billion as the market reports results three years in arrears.

Asbestos and pollution claims, as well as a series of catastrophes like the Exxon Valdez oil spill and the Piper Alpha oil rig explosion cost Lloyd's about 12.64 billion from 1988 through 1991, according to Bloomberg business news service.

A Chatset report, published yesterday, revealed Lloyd's will report underwriting losses of $395 million for 1992.

But the 1992 figures do not include additional deficit of about $1.19 billion due to open years, bringing the total estimated loss for 1992 to $1.58 billion.

Marine insurance, which lost $1.05 billion in 1991, will rebound to a profit of $42.7 million in 1992.

Motor insurance is expected to show a profit of $134.3 million while aviation will report a loss of $69.5 million for 1992, while Hurricane Andrew pushed losses in the non-marine sector to $502.4 million, the report added.

For 1993, the Lloyd's market was expected to return to profitability but anticipated underwriting gains of $1.26 billion may be offset by worsening losses on prior years -- known as open years -- of account which cannot close because claims are still being made.

"I wouldn't be surprised if that profit was wiped out by further deterioration on the open years,'' said Mr. Charles Sturge, Chatset analyst.

Open years cannot close because the claims relate primarily to asbestos and pollution damages, the full extend of these damages are unknown.

Chatset had, in August, estimated that 1993 underwriting profit would $1.26 billion.

"Sharp increases in marine and motor insurance rates and the lack of catastrophes in non-marine,'' were largely responsible for the 1993 underwriting increase, added Sturge.

This represents a return of less than 10 percent on underwriting capacity of $13.9 billion in 1993. Underwriting capacity is the amount of insurance business that can be written by Lloyd's in any one year of account.

The results combine the results from all the separate insurance syndicates operating in the market.

Last year's Los Angeles earthquake will cost Lloyd's about $1.07 billion. Most of the losses from that catastrophe arose from reinsurance policies which were exhausted within weeks of the loss while total losses hitting the worldwide insurance business are about $15.8 billion, according to Chatset.

The report added the impact of Kobe's earthquake would not be significant, however, there was concern that marine insurers could be hit when the port of Kobe is assessed.

Chatset is predicting Lloyd's' underwriting profit for 1994 will be $790 million.