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Lloyd’s estimates Hurricane Ian claims between US$2.3bn - US$3bn

18 Nov 2022

Lloyd’s, the world’s leading marketplace for commercial, corporate and specialty risk, today announced that claims to the Lloyd’s market arising from Hurricane Ian are estimated to be in the range of US$2.3bn - US$3bn net of reinsurance, based on Q3 data provided by Lloyd’s syndicates.

Lloyd’s estimates its net market share of the total industry loss will be 3-5%. This is within Lloyd’s range of modelled outcomes and has no impact on Lloyd’s solvency position.

“Our thoughts are first and foremost with all those affected by the devastating events that have occurred this year, and as ever Lloyd’s stands ready to support its customers through these difficult times.

“We are providing a claims estimate figure for Hurricane Ian outside of our usual financial reporting cycle to provide transparency to the market and will report our 2022 year-end financial results in March 2023.”
Burkhard Keese, Chief Operating and Financial Officer, Lloyd’s

Notes to Editors

  1. The figures included in this release are un-audited and based on Q3 data provided by Lloyd’s syndicates.
  2. Lloyd’s full year results will be announced on Thursday 23 March 2023.
  3. You can read Lloyd’s Half Year 2022 financial results here
  4. As a result of rising interest rates, at HY 2022 Lloyd’s reported an overall loss of £1.8bn (HY 2021: £1.4bn profit) driven by a net investment loss of £3.1bn (HY 2021: £0.6bn income) from unrealised mark-to-market losses. As investment maturities are short dated, the market will begin to benefit from higher interest rates in 2023 and therefore improved investment returns.
  5. Lloyd’s capital and solvency positions remain strong with net resources at £36.5bn at HY2022 (FY 2021: (£36.6bn), underlining the exceptional strength and resilience of Lloyd’s balance sheet. At HY2022 the central solvency and market solvency ratios, of 395% and 179% respectively (FY 2021: 388% and 177%), point to Lloyd’s ability to continue supporting customers through uncertainty and challenging conditions.
  6. Lloyd’s strong financial strength ratings are A+ (Strong) stable outlook with Standard & Poor’s, A (Excellent) stable outlook with A.M. Best, AA- (Very Strong) with Fitch Ratings and AA- (Very Strong) with Kroll Bond Rating Agency.
  7. Members’ resources operate on a several basis and are only available to meet each member’s share of claims. Central assets are available at the Council’s discretion to meet the liabilities of any member on a mutual basis.
  8. More news and information available from lloyds.com.

Enquiries to

+44 (0) 20 7327 5111 pressoffice@lloyds.com

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