Catastrophes and claims
It’s only when a claim arises that the true quality of any insurer is properly tested; and time and time again, Lloyd’s has risen to challenges of the most extreme kind. Hurricane Katrina in 2005; the devastating floods in Thailand in 2011; and the 9/11 attacks on the World Trade Center, for which we were the largest single insurer. In every case, we met acute need with fast, decisive action to get every valid claim paid.
History
View all 'History'Thankfully, not all claims are this extreme – but each still needs urgent attention to help businesses trade and flourish, and get people back to their normal lives.
Indeed, following the massive tsunami of 2011 that struck Japan with such devastating consequences, Lloyd’s delivered some 6.6 billion yen of payments within just 48 hours of the money being requested by the reinsurers.
Here we take a look at some of the most noteworthy catastrophes and claims that Lloyd’s has been involved with.
HMS Lutine
Perhaps Lloyd's most famous maritime loss the HMS Lutine. The ship’s great bell, which was salvaged in 1857, hangs in the atrium of our underwriting room.
San Francisco earthquake 1906
At 5.13 am on 18 April 1906, San Francisco - the seventh largest city in the US - shook, crumbled and burned to the ground. A massive earthquake, measuring 8.25 on the Richter scale, brought the city to its knees.
Titanic
The sinking of the Titanic was a human disaster that caused widespread shock and outrage. It is also a story that remains strongly linked to the history of the Lloyd’s market, where the ship was insured for £1million.
Great Pearl Robbery
Hatton Garden diamond trader Max Mayer had a Lloyd’s policy for all risks anywhere in Europe. His stock included a stunning necklace of 61 flawless, blush-pink pearls. Known as the ‘Mona Lisa of pearls’ the necklace was fabulously precious, and its reputation spread around the world.
Great Exhibition of Lyon
Politician Edouard Herriot, the Mayor of Lyon and later French Prime Minister, insured the Great Exhibition of Lyon against a budget deficit. Herriot paid 250,000FF for a guarantee of 3mFF.
Airships
During the first world war, Lloyd’s famously provided cover for bombing raids carried out by Count Zeppelin’s airships.
Piper Alpha
Piper Alpha was a turning point for Lloyd’s and the insurance industry as a whole and was the worst offshore oil disaster in terms of lives lost and industry impact.
Hurricanes
In 2004 Florida was battered by hurricanes Charley, Frances, Ivan and Jeanne. In 2005 Hurricane Katrina killed more than a thousand people and tens of thousands were left without homes
September 11
The 9/11 attacks were a series of four coordinated terrorist attacks, launched by the Islamic group al-Qaeda, on the US, in New York City and the Washington DC area.