Lloyd's reveals Hurricane Ian claims estimate

Lloyd's reveals Hurricane Ian claims estimate | Insurance Business America

Lloyd's reveals Hurricane Ian claims estimate

Lloyd’s has announced its estimate of claims to the Lloyd’s market resulting from Hurricane Ian.

The insurance marketplace estimated claims arising from the storm to be in the range of $2.3 billion to $3 billion, based on third-quarter data provided by Lloyd’s syndicates.

Lloyd’s projected that its net market share of the total industry loss will be 3% to 5%. That figure is within Lloyd’s range of modeled outcomes and has no impact on its solvency position.

“Our thoughts are first and foremost with all those affected by the devastating events that have occurred this year, and as ever Lloyd’s stands ready to support its customers during these difficult times,” said Burkhard Keese, chief operating and financial officer at Lloyd’s. “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 year-end financial results in March 2023.”

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Hurricane Ian, which slammed into Florida as a category 4 storm in September, was Florida’s first major storm since Hurricane Michael in 2018.