Lloyds announces provisional loss estimate from Hurricanes Gustav and Ike
Lloyd’s has announced its provisional loss estimate for Hurricanes Gustav and Ike.
Lloyd’s will expect to face net claims of $2.34bn (£1.3bn) which is in line with analysts’ combined industry loss estimates of $20-25bn. This would cover both on and offshore claims for both storms.
A series of Realistic Disaster Scenario stress tests has been run on the Lloyd’s market to determine its capacity to withstand natural and man-made catastrophes. Lloyd’s has anticipated that Gustav and Ike will not have a significant impact on its capital and it will not face Central Fund exposure.
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