Lloyd’s has introduced its estimate of claims to the Lloyd’s market ensuing from Hurricane Ian.
The insurance coverage market estimated claims arising from the storm to be within the vary of $2.3 billion to $3 billion, based mostly on third-quarter knowledge offered by Lloyd’s syndicates.
Lloyd’s projected that its internet market share of the full business loss might be 3% to five%. That determine is inside Lloyd’s vary of modeled outcomes and has no affect on its solvency place.
“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,” mentioned Burkhard Keese, chief working and monetary 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.”
Read subsequent: Florida insurer losses spiral after Hurricane Ian
Hurricane Ian, which slammed into Florida as a class 4 storm in September, was Florida’s first main storm since Hurricane Michael in 2018.