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


Figure in line with predicted industry losses related to US storm

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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.

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