Lloyd’s Reports $1.7B Paid for Hurricanes Harvey, Irma and Maria

The Lloyd’s market has paid claims worth $1.7 billion so far in response to hurricanes Harvey, Irma and Maria. Earlier this year Lloyd’s estimated a total commitment of $4.8 billion for the three storms.

“With total net financial resources of £28 billion the market stands ready to support policyholders when they need us most,” said Lloyd’s CEO Inga Beale. “As well as helping businesses reopen their doors, claims from the Lloyd’s market serve all manner of different purposes, such as restoring vital public services like power, so people can heat their homes, or clearing roads, railways and airstrips, so commerce can be restored or vital aid delivered to those in need. Claims payments might also go towards repairing boats so fishermen can get back to sea, or mending machinery so farmers can re sow their fields. All of this helps local communities get back up and running again as quickly as possible.”

The news comes as Lloyd’s launches a profile-raising campaign to highlight the market’s claims paying record. The insurer revealed that, over the past five years, the market has paid out $85 billion in claims, an average of $43 million per day paid to policyholders around the world.

Source: Lloyd’s