Thai disaster floods Lloyd's with a bill for £1.4 billion

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Flooding in the country left more than 800 people dead. Factories producing goods for consumers worldwide were also deluged, including a Honda plant where thousands of cars were left under water. The whole insurance industry is facing claims totalling $15 billion to $20 billion.

Lloyd's chief executive Richard Ward said the market would cope. "The Lloyd's market is as
well-capitalised as ever. While claims from Thailand could still evolve over time, paying these is within the normal course
of business."

The floods were one of the reasons that the world's total catastrophe claims hit an estimated $108 billion last year, the insurance industry's second most expensive year on record for natural disasters, reinsurer Swiss Re says.