We use cookies to provide you with a better experience. If you continue to use this site, we'll assume you're happy with this. Alternatively, click here to find out how to manage these cookies

hide cookie message
RSS FeedRisk

Lloyd's of London expects US$2.5bn in Sandy claims


Figure in line with predicted industry losses related to US storm

Article comments

Lloyd's of London expects to face claims of between US$2billion and US$2.5 billion for the damage caused by US storm Sandy which hit the country's east coast on 29 October and wreaked havoc in the states of New York and New Jersey claiming 132 lives.

It said that the estimate was in line with predicted industry losses of between US$20 billion and US$25 billion. On the basis of the figures, Sandy is now expected to be the second costliest storm for the insurance business after Hurricane Katrina in 2005.

However, Lloyd's of London said the market could cope with the level of claims being seen.

Its 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," he added.

Lloyd's insurance market is a syndicate of nearly 80 insurance firms.

Share:

Recommended Articles

Comments

Lloyd's of London expects US$2.5bn in Sandy claims
Risk

Managing the costs of arbitration when a deal goes wrong

Managing the costs of arbitration when a deal goes wrong

CFOs should be involved in international deal negotiations from the startmore ..


Home Depot confirms breach

Home Depot on Monday confirmed that intruders broke into its payment networks and accessed credit and debit card data of an unspecified number of customers who shopped at its U.S. and Canadian stores.more ..

Home Depot breach could potentially be as big as Target's

In what could turn out to be another huge data breach, Home Depot on Tuesday confirmed that it is investigating a potential compromise of credit card and debit card data belonging to an unspecified number of customers.more ..

EU fines Samsung, Philips and others for smartcard cartel

The companies exchanged sensitive commercial information on pricing, customers and contract negotiations, the Commission saidmore ..

The making of a cybercrime industry

And they're employing tried and tested above-board business methodsmore ..

Is there a bulwark against the rising pound for UK exporters?

Currency volatility has prompted a surge in the use of hedging tacticsmore ..

Send to a friend

Email this article to a friend or colleague:


PLEASE NOTE: Your name is used only to let the recipient know who sent the story, and in case of transmission error. Both your name and the recipient's name and address will not be used for any other purpose.



In Depth
Can finance rise to the challenge of major transformation?

Can finance rise to the challenge of major transformation?

Outdated finance processes, systems and competencies leave too many questions unanswered more ..

In Depth
Interim CFO or consultant? The pros and cons

Interim CFO or consultant? The pros and cons

Ed Harding offers an insight into the life of an interim CFO and the advantages in driving transformation more ..

Advertisement

* *