Lloyds market expects significant claims

The Lloyds of London market outlined the likelihood of serious claims in the aftermath of the catastrophe stating that the company “expects to receive significant insurance claims as a result of Hurricane Katrina, predominantly in relation to offshore energy installations in the Gulf, property damage and business interruption.”

“We are asking all insurers at Lloyd’s to supply details of the likely impact on their businesses by Monday September 12. Those returns will allow us to give more information about the market’s overall exposure,” Lloyd’s reports. “Despite the severity of Katrina, the Lloyd’s market is well-equipped to manage the financial impact of a catastrophe on this scale. Clearly Katrina had a major impact on businesses and communities in the Gulf Region of the U.S. Lloyd’s priority now will be to assess and settle claims as speedily as possible to help the reconstruction of that area.”