Lloyd’s of London puts Sandy claims at $2.0-2.5 bn
Lloyd’s of London said on Wednesday that claims arising from
Superstorm Sandy would cost the insurance market $2.0-2.5 billion
(1.5-1.9 billion euros).
“Lloyd’s, the world’s specialist insurance market, has today
announced its estimated net claims before tax from Superstorm Sandy to
be between $2.0 billion and $2.5 billion,” it said in an official
statement.
“The range of the claims estimate is consistent with insurance
industry losses of between $20 billion and $25 billion. We expect
minimal impact on Lloyd’s member capital and no impact on the Central
Fund.” The group stressed that it was seeking to pay claims as soon as
possible to those in need. “As always, our priority is to pay valid
claims as quickly as possible and help the communities in North America
and the Caribbean affected by Sandy get back on their feet,” said
Lloyd’s Chief Executive Richard Ward.
“The Lloyd’s insurance market remains financially strong and, while
claims from this storm could still evolve over time, the market’s total
exposure is well within the worst case scenarios we model and prepare
for.” Swiss insurer Zurich Insurance Group had revealed on Monday that
Superstorm Sandy had hit it with claims worth about $700 million (532
million euros).
Earlier this month, US President Barack Obama asked for $60.4 billion
in emergency funds to repair devastation after the storm, which flooded
the New York subway system and knocked out electricity for hundreds of
thousands of people.
AFP
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