Earthquakes cost $3.8 billion

2011-05-13 07:25

London – Lloyd’s of London, the world’s largest insurance market, has estimated net claims before tax from this year’s Japan and New Zealand earthquakes and Australian floods at a total of $3.8 billion (about R26 billion).

According to Lloyd’s this breaks down to $1.95 billion (about R13.5 billion) for the Japan earthquake and tsunami, $1.2 billion (about R8.3 billion) for the New Zealand earthquake and $650 million (about R4.5 billion) for the Australia floods.

It cautions that the final net claims figure “may vary” from the preliminary estimates, but says they are consistent with industry losses of $30 billion (R207.7 billion) for Japan, $9 billion (R62.3 billion) for New Zealand and $5 billion (about R34.6 billion) for Australia.

Lloyd’s adds there won’t be a material impact on its capital and there isn’t expected to be any central fund exposure – its fund of last resort – from the trio of events. 

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