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Lloyd's facing £1.4bn in Gulf storms claims
21.10.08
Lloyd's of London expects to face net claims of $2.34 billion (£1.36 billion) for Hurricanes Gustav and Ike, which ripped through the Gulf of Mexico earlier this year.
The forecast is in line with analysts' estimates of claims of between $20 billion and $25 billion across for the industry.
The insurance market's chief executive Richard Ward said the claims will be manageable and "in the normal course of business".
The provisional assessment was made after Lloyd's wrote to managing agents asking for an assessment of the financial impact on syndicates. Ward said the expected claims lie well within Lloyd's stress-testing model.
