Catastrophes and claims

History

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.

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.

The Titanic

Lloyd’s most iconic maritime loss, the story of the Titanic is the story of folly and heroism. Despite the White Star Lines’ hubris about building the “unsinkable” ship and “nothing but inconvenience will be suffered by the passengers,” the ship and over 1,500 lives were lost (a number that would have been far less if the ship had been equipped with adequate lifeboats) when she struck an iceberg, sinking within three hours.

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HMS Lutine

HMS Lutine’s great bell - salvaged in 1857, hangs in the atrium of our underwriting room. Despite the treasure and gold bullion the ship carried, for the relief of the besieged city of Hamburg, never being found, Lloyd’s paid the claim in full, a mere two weeks after the ship was lost off the Dutch coast during a fierce gale.

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September 11

9/11 was a day that changed the world. A series of four co-ordinated terrorist suicide attacks, on passenger airlines hijacked by the Islamic group al-Qaeda, on the US, changed the course of history. It was also a personal and professional tragedy for many in the industry who lost colleagues and loved ones.

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Endurance and Shackleton

In 1914, Ernest Shackleton and his crew set out on an epic journey to cross the Antarctic. When their ship, the Endurance, became stranded and eventually crushed by sea ice, the incredible journey of the crew and Shackleton across the bleak ice became one of the most remarkable tales of human endurance.

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Other catastrophes and claims

Natural Catastrophes

Earthquakes, hurricanes, wildfires, floods, droughts and volcanoes; natural catastrophes have had dramatic impacts on communities and businesses for centuries and continue to destroy £billions of assets each year. As climate change increases the odds, the Lloyd’s market strives to create better scientific modelling and understanding of the nature of this type of risk. And we work to close the ‘insurance gap’ between the developed world and emerging countries that are particularly susceptible to disasters of this type.

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Marine

We began in a London Coffee House, where marine insurers gathered to underwrite the risk of ships and cargo that created a maritime powerhouse. The loss book in the Underwriting Room still faithfully records the loss of vessels and is a living link with the past centuries of marine intelligence and trusted contracts that Lloyd’s built its reputation on. Today, the globalised marine industry presents diverse and complex risks for insurers, from geopolitical conflict to environmental compliance and regulation.

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Air and Space

Our crowded skies see 100,000+ flights per day, including passenger, cargo, and military aircraft. Throughout the history of aviation and space exploration Lloyd’s has played a key part in building the confidence to literally reach for the stars. Aviation is one of the largest sectors at Lloyd's, along with marine and energy insurance and today the combined scale, expertise and capacity of more than 34 expert space risk insurers can be found at Lloyd’s.

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Oil and Gas

Fossil fuels have powered the world’s industrial revolution and remain part of our energy mix today alongside renewable sources of energy which will power our transition to a net zero future. Alternative energy sources are critical to achieving a successful global transition to a low carbon economy and the Lloyd’s market is playing an important role in supporting offshore wind, nuclear and hydrogen solutions to help achieve this ambition.

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