Lloyd’s of London estimates claims from Hurricane Ian at $2.3 billion – $3 billion

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Comparing Best Insurance Companies The Bharat Express News
Comparing Best Insurance Companies The Bharat Express News

Lloyd’s announced that market claims from Hurricane Ian are estimated at $2.3 billion – $3 billion net of reinsurance, based on third quarter data from Lloyd’s syndicates.

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

“We are providing an estimated damage figure for Hurricane Ian outside of our usual financial reporting cycle to provide market transparency and will report our year-end 2022 financial results in March 2023,” said Burkhard Keese, chief operating and financial officer, Lloyd’s.

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Due to rising interest rates, Lloyd’s reported a total loss of £1.8 billion ($2.1 billion) in the first half of 2022.

Source: Lloyd’s

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Catastrophe Natural disasters US claims surplus Hurricane Lloyd’s London Hurricane Ian

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