Lloyd’s announced that the market’s claims arising from Hurricane Ian are estimated to be in the range of US$2.3 billion – US$3 billion, 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 is within Lloyd’s range of modeled outcomes and has no impact on Lloyd’s solvency position.
“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, Lloyd’s.
As a result of rising interest rates, Lloyd’s reported an overall loss during the first half of 2022 of £1.8 billion ($2.1 billion).
Related: Lloyd’s Has Strong H1 Underwriting Profit, but Reports Overall Loss on Investment Hit
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