Lloyd's net claims estimate for Superstorm Sandy
Wed 19 Dec 2012
Lloyd’s, the world’s specialist insurance market, has today announced its estimated net claims before tax from Superstorm Sandy are between $2bn and $2.5bn.
The range of the claims estimate is consistent with insurance industry losses of between $20bn and $25bn.
We expect minimal impact on Lloyd’s member capital and no impact on the Central Fund.
As additional information emerges, Lloyd’s actual ultimate net claims from the event may vary from this preliminary estimate.
Lloyd’s Chief Executive Richard Ward said: “As always, our priority is to pay valid claims as quickly as possible and help the communities in North America and the Caribbean affected by Sandy get back on their feet.
“The Lloyd’s insurance market remains financially strong and, while claims from this storm could still evolve over time, the market’s total exposure is well within the worst case scenarios we model and prepare for.”
Notes to Editors:
- At an exchange rate of US$1.61 to the pound, the pound sterling estimate for net claims from Superstorm Sandy stand at between £1.25bn and £1.55bn
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Lloyd's is the world's specialist insurance market and occupies fifth place in terms of global reinsurance premium income, and is the largest surplus lines insurer in the US. In 2012, 88 syndicates are underwriting insurance at Lloyd's, covering all classes of business from more than 200 countries and territories worldwide. Lloyd's is regulated by the Financial Services Authority.