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Lloyd’s of London pegs quake claims losses at $3.8bn

IBR Staff Writer Published 13 May 2011

Lloyd's of London, a global insurance market, has estimated the total net claims could be of $3.8bn, before tax, from the earthquakes and floods which occurred in the first quarter.

According to the Lloyd's estimates, Japan earthquake and tsunami could cost $1.95bn, while New Zealand earthquake accounts for $1.25bn and Australia flooding of $650m.

Lloyd's said estimates are projected based on industry losses of $30bn for Japan, $9bn in respect of the New Zealand Earthquake and $5bn for the Australia floods.

Lloyd's claims that there will be not be any material impact on its capital.

Lloyd's CEO Richard Ward said the beginning of 2011 has seen a series of tragic events that have had a major impact on communities in Australia, New Zealand and Japan. As ever, the priority remains to assess and settle valid claims as swiftly as Lloyd's can to help these communities get back on their feet.

"We expect to see a firming of rates as a result of this first quarter and the recent tornadoes in the United States," Lloyd's.