Lloyd's sees $3.8 billion hit from quakes, floods

By @ibtimes on

The Lloyd's of London insurance market said it expects to take $1.95 billion dollar hit from the Japanese earthquake, bringing total estimated catastrophe claims in the first quarter to nearly $4 billion.

The loss estimate is well within the worst case scenarios Lloyd's prepares for, and the market will have no difficulty paying claims, it said in a statement on Friday.

As ever, our priority remains to assess and settle valid claims as swiftly as we can to help these communities get back on their feet, Lloyd's chief executive Richard Ward said.

(Reporting by Myles Neligan; editing by Paul Hoskins)

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