Lloyd's warns Sandy's destruction could cost it $2.5bn
Wednesday 19 December 2012
Lloyd's of London has warned that Superstorm Sandy, which devastated parts of the US east coast in October, could cost it up to $2.5bn (£1.5bn), making it one of the costliest disasters in the insurance market's history.
Overall, Sandy is expected to cost the global industry up to $25bn.
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."
Lloyd's disclosure comes just a day after Catlin, Hiscox and Novae admitted that the disaster was likely to cost them more than $300m.
- 1 Notting Hill Carnival: Woman shares selfie after being ‘punched in face for telling man to stop groping her’
- 2 Keira Knightley topless: Usually conservative actress does own take on #Freethenipple campaign for Interview Magazine
- 3 Daily Show's Jon Stewart destroys Fox News for its Ferguson coverage
- 4 When elitism grips the top of British society to this extent, there is only one answer: abolish private schools
- 5 Terror threat level raised to severe as PM warns Isis risk could last for decades
Robin Williams Emmys tribute led by Billy Crystal criticised for including 'racist' joke about Muslim woman
The Rotherham child abuse scandal is a tale of apologists, misogyny and double standards
Scottish independence TV debate: Pumped-up Alex Salmond bounces back in bruising second round against Alistair Darling
Do you realise just how foolish the UK looks?
Ukip Douglas Carswell defection: Tory MP jumps ship to join Nigel Farage
When elitism grips the top of British society to this extent, there is only one answer: abolish private schools
- < Previous
- Next >
iJobs Money & Business
£50000 - £80000 per annum + benefits+bonus+package: Harrington Starr: Data Sci...
£450 - £500 per day: Orgtel: SAS Business Analyst, London, Banking, Credit Ris...
£32000 - £38000 Per Annum Bonus, Life Insurance + Other Benefits: Clearwater P...
£200 - £250 per day + competitive: Orgtel: KYC Analyst, Key Banking Client, Bi...