Lloyd’s pays out $738m in Q3 nat cat claims

Lloyd’s has paid close to three quarters of a billion dollars ($738 million) in claims so far for Hurricanes Harvey, Irma and Maria, said Jon Hancock, performance management director at Lloyd’s.

“Responding quickly and effectively to natural catastrophe events has been at the core of what the Lloyd’s market does for centuries,” Hancock said in an Oct. 13 statement.

“In times like these the market steps up a gear to respond as quickly as possible to claims from all over the world.

Hurricanes Harvey, Irma and Maria together with two earthquakes in Mexico are expected to have caused more than $100 billion in insured catastrophe losses in the third quarter.

Lloyd’s had previously said that it expects losses from hurricanes Harvey and Irma combined in the region of $4.5 billion, net of reinsurance, based on known modelled exposures.

Moody’s expects that the combination of the three major hurricanes Harvey, Irma and Maria will drive an overall pre-tax loss for the Lloyd’s market for 2017.

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