Lloyd’s estimates its Thai flooding claims at $2.2 billion

The Lloyd’s market has estimated its losses from floods in Thailand to be $2.2 billion.

Lloyd’s have said that losses from the Thai floods are not expected to give rise to any material claims on the central fund or any material change in the overall level of capitalisation of the market.

“As ever, our priority remains to assess and settle valid claims as swiftly as we can so the community and businesses in Thailand recover,” says Richard Ward, chief executive officer at Lloyd’s.

“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.”