The guarantee Lloyd's market is a huge loss

September 21. Insurance market Lloyd's of London said Wednesday that suffered huge losses in the fiscal first half due to the unprecedented number of major natural disasters, including the earthquake and tsunami in Japan.

"The Corporation has estimated losses that before tax amounted to 697 million pounds (1.09 billion dollars, 800 million euros) in the first half of the year", — said the chairman of Lloyd's in the official final report, noting that the requirements on insurance payments increased significantly. And this is compared with a profit of 628 million pounds in the same period last fiscal year.

"The year 2011 was one of the toughest in the insurance industry because of the many devastating natural disasters in Australia, New Zealand, Japan and the United States," — said the chairman Lord Levene.

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"Lloyd's ability to pay billions of pounds to restore the destroyed settlements can be no doubt, and the fact that we were able to make payments without any recourse means the central capital reserve proves correct policy risk insurance market."

Levin added that after the devastating earthquake and tsunami in Japan, which occurred on March 11, as well as the outbreak of the nuclear crisis, the requirements on insurance payments this year have already exceeded the number of applications for the full year 2010, and this despite the fact that the Atlantic hurricane season yet has not ended.

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"Two of the ten most devastating natural disasters in 1950, earthquakes in Japan and New Zealand, have fallen this year."

Translation: Ellen
Source: TerraDaily.com

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