Lloyd’s Puts Tsunami Losses at $188 Million

Lloyd’s has updated its estimates of potential losses from the tsunamis that struck 12 countries around the Indian Ocean at the end of December to approximately £100 million ($188.4 million).

In a previous statement on Dec. 29 Lloyd’s said it had been in “contact with insurers in the Lloyd’s market to establish the market’s financial exposure to the Indian Ocean earthquake and resulting tsunami. We said then that we expected the market’s exposure to be limited.”

The current bulletin marks the completion of that review and confirms the exposure estimates. Lloyd’s indicated that “a significant proportion of these losses will be within businesses’ planning assumptions for expected catastrophe loss costs.”

“The priority for insurers at Lloyd’s now is to assess and settle claims as promptly as possible,” the announcement concluded.