Lloyd’s of London has issued the following statement on the Japanese earthquake: “Our thoughts are still with those affected by the major earthquake and tsunami events in Japan.
“Lloyd’s is committed to providing cover to the Japanese market and our first priority is handling claims swiftly and supporting the local insurers. It is far too early for us to comment on any potential business impact.
“Lloyd’s routinely stress tests individual syndicates and the market as a whole for large-scale natural catastrophes of this nature and we are confident the market can respond to any claims in the normal course of business.”
Lloyd’s experience with earthquakes goes back a long way. The above statement echoes the now legendary instructions of its agent Cuthbert Heath, following the San Francisco earthquake in 1906, to “pay all claims.” Heath is generally acknowledged as the “father of non-marine insurance at Lloyd’s.” His actions were central in establishing Lloyd’s presence in the U.S.
Source: Lloyd’s of London
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