LMA statement on Japanese earthquake
Lloyd’s Market Association has issued the following statement regarding the earthquake in Japan:
“Underwriters at the Lloyd’s of London insurance market are monitoring closely today’s tragic events as they unfold in Japan.
This is clearly a major seismic disturbance causing significant damage, disruption and loss of life, but it is too early to give any accurate assessment of the likely impact on the Lloyd’s market.
Lloyd’s underwriters participate on the reinsurances of domestic Japanese insurers and also have a limited amount of direct insurance business in the country.
There remains a likelihood of tsunami and aftershocks in Japan and possibly elsewhere as well. Lloyd’s underwriters will continue to monitor developments.”
Earlier this week, Munich Re said that claims from the earthquake in New Zealand, the floods in Brisbane and Cyclone Yasi mean that its 2011 target profit of around €2.4 billion is only achievable if random losses during the remainder of 2011 are below expectations.
Category: Insurance News
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