Lloyd's puts Thai flood bill at £1.4bn
Lloyd's of London, the specialist insurance market, says the claims it faces from the devastating floods in Thailand will amount to $2.2bn, or £1.4bn. This compares to an industry wide loss of $15-20bn.
Lloyd's of London, the specialist insurance market, says the claims it faces from the devastating floods in Thailand will amount to $2.2bn, or £1.4bn. This compares to an industry wide loss of $15-20bn.
Lloyds admits the figure may vary as more claims come in but maintains the floods will not "give rise to any material claims on the central fund or to any material change in the overall level of capitalisation of the market."
The Chief Executive, Richard Ward, emphasised that the Lloyd's market "is as well capitalised as it has ever been. While claims from Thailand could still evolve over time, paying these claims is within the normal course of business for Lloyd's."
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Today's update makes the point that loss information after a major flood can take longer to filter through than for other events, particularly because of the knock on impact of business interruption.
The scale of the damage also means loss adjustors will be thinly stretched, further dragging out the claims process.
BS
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Higher rates are disappearing – should you fix your savings?
Fixed savings rates have dropped to their lowest levels in over a year. Should you fix your savings now ahead of a potential base rate cut in November?
By Katie Williams Published
-
Nine million people fall victim to financial scams, says Citizens Advice
The charity says that around one in five people across the UK have been caught out by a finance scam in the past year - here is how to protect your money
By Chris Newlands Published