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26/09/2001
Lloyd’s reveal extent of US terror attack insurance claim
Lloyd’s of London has revealed that the cost of the terrorist attacks on the US has resulted in the biggest single claim in the market’s 300 year history.
The amount of the claims has been estimated as costing Lloyd’s around £1.3 billion, exceeding the previous highest total of £929 million for damage caused by Hurricane Hugo in 1989.
While the insurance giant stressed that the figure was still only an estimate - and that the real amount was unlikely to be clear for several years – the estimate has taken into account losses from over 100 insurance syndicates, and the analysis of solvency issues of thousands of corporate and individual members.
Lloyd’s Chairman, Sax Riley, commented: “While a figure of this size will have a significant impact on the Lloyd’s market, the market’s strong capital base will absorb this loss.
”The size of our asset base, the spread of the losses and the resilience of the reinsurance programmes in place are important in coming to this conclusion.”
The figure constitutes 12% of Lloyd’s 2001 capacity, and due to the effects on global insurance capacity, is likely to result in increased premiums for the aviation industry. However, it is likely that individual customers of Lloyd’s will not be affected by the development.
It is thought that the financial toll of the terror attacks could herald a change in the way that insurers plan for disaster scenarios. (CL)
The amount of the claims has been estimated as costing Lloyd’s around £1.3 billion, exceeding the previous highest total of £929 million for damage caused by Hurricane Hugo in 1989.
While the insurance giant stressed that the figure was still only an estimate - and that the real amount was unlikely to be clear for several years – the estimate has taken into account losses from over 100 insurance syndicates, and the analysis of solvency issues of thousands of corporate and individual members.
Lloyd’s Chairman, Sax Riley, commented: “While a figure of this size will have a significant impact on the Lloyd’s market, the market’s strong capital base will absorb this loss.
”The size of our asset base, the spread of the losses and the resilience of the reinsurance programmes in place are important in coming to this conclusion.”
The figure constitutes 12% of Lloyd’s 2001 capacity, and due to the effects on global insurance capacity, is likely to result in increased premiums for the aviation industry. However, it is likely that individual customers of Lloyd’s will not be affected by the development.
It is thought that the financial toll of the terror attacks could herald a change in the way that insurers plan for disaster scenarios. (CL)
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