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Catastrophes cost Lloyd’s of London

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by Kay Mitchell
Catastrophes cost Lloyd's of London

The Lloyd’s of London insurance market today said natural disasters will cost it in the region of £2.4 billion ($3.8 billion).

The recent catastrophes including the flooding in Australia, the New Zealand earthquake, the Japanese earthquake and tsunami, means insurance prices will soar as claims eat into the industry’s capital reserves.

The company said the tornadoes in the US have not been included in the estimate.

Chief executive Richard Ward comments: “The Lloyd’s market is as well capitalised as it has ever been and, while claims from all three events could still evolve over time, the market’s total exposure is well within the worst case scenarios we model and prepare for.”

Last month, Lloyd’s reported pre-tax profits of $3.5 billion for 2010 – 40% lower on 2009′s figure.

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News posted: May 13, 2011

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