Lloyd’s, the world’s specialist insurance market, has today announced its estimated net claims from the flooding in Thailand last year.
The current net estimate, consistent with an industry loss of US$ 15-20bn, is US$ 2.2bn.
As additional information emerges, Lloyd’s actual net claims from these events may vary from this preliminary estimate. These events are not expected to give rise to either any material claims on the central fund or to any material change in the overall level of capitalisation of the market.
Lloyd’s Chief Executive Richard Ward said: “As ever, our priority remains to assess and settle valid claims as swiftly as we can so the community and businesses in Thailand recover.
“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.”
Lloyd’s preliminary estimates draw on market share analysis, a review of contracts in place and estimates from each syndicate.
Notes: Loss information after a major flood can take longer to obtain than for other events, particularly as the knock on impact of Business Interruption can give rise to claims emerging some considerable time after the event itself. The sheer scale of the event will leave loss adjustors thinly stretched on the ground, further prolonging the time it takes to assess damage. The pound sterling estimate for the Thai flood claims stands at £1.4bn.
