By Ben Simmons
The flooding that devastated Thailand throughout 2011 has cost the world’s leading insurer upwards of $2.2bn, Lloyds of London have today said.
The flooding caused extensive damage to property as well as causing significant disruptions in manufacturing supply chains across Asia, as well as the US and Europe.
The current net estimate, consistent with an industry loss of US$ 15-20bn, is US$ 2.2bn.
As additional information emerges, Lloyd’s actual net claims from these events may vary from this preliminary estimate. These events are not expected to give rise to either any material claims on the central fund or to 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,” commented Lloyd’s Chief Executive Richard Ward.
"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."
Lloyd’s preliminary estimates draw on market share analysis, a review of contracts in place and estimates from each syndicate.
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