Lloyd’s estimates hurricane claims at $2.34bn
Lloyd’s of London has reported that it expects to face net claims of $2.34 billion (£1.34 billion) for hurricanes Gustav and Ike.
The figure covers on and offshore claims and is in line with analysts’ estimates of an aggregate $20 billion to $25 billion industry loss.
The insurer has pointed out that its market is stress tested to withstand significant natural and man-made catastrophes and that the hurricane claims lie well within the outcomes of these tests.
The firm says that based on current estimates, there will be a negligible impact on its capital and no exposure to its central fund.
Lloyd’s chief executive, Richard Ward, has pledged that claims from the coastal and inland communities of the Southern US remain a priority and that insurers will work as quickly as possible to help rebuild the area.
Meanwhile, Lloyd’s insurer Chaucer is estimating that it will face a £55 million loss (net of reinsurance and reinstatement principles) from the hurricanes, adding that it made a £29 million loss from its investment portfolio in the first nine months of 2008.
Category: Companies News, Insurance News
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