Lloyd’s Hurricane Ian claims to hit $3bn after reinsurance

The specialist insurance and reinsurance marketplace  Lloyd’s has revealed that its net market share of the total industry loss from Category 4 Atlantic hurricane Ian will be 3-5%.

Claims to the Lloyd’s market arising from Hurricane Ian are estimated to be in the range of $2.3bn - $3bn net of reinsurance, based on Q3 data provided by Lloyd’s syndicates.

Lloyd’s estimates its net market share of the total industry loss will be 3-5%, which its says are within Lloyd’s range of modelled outcomes and has no impact on Lloyd’s solvency position.

“Our thoughts are first and foremost with all those affected by the devastating events that have occurred this year, and as ever Lloyd’s stands ready to support its customers through these difficult times.

“We are providing a claims estimate figure for Hurricane Ian outside of our usual financial reporting cycle to provide transparency to the market and will report our 2022 year-end financial results in March 2023,” said Burkhard Keese, chief operating and financial officer of Lloyd’s.

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