Lloyd's Tsunami Loss Tallied At Below $200 Million
NU Online News Service, Feb. 2, 4:50 p.m. EST? Lloyd's of London said today its net insured losses from the Dec. 26, 2004 Indian Ocean tsunamis has been tabulated at around ?100 million, or about U.S. $188 million at the current exchange rate.[@@]
In late December after the Asian catastrophe, Lloyd's had said it expected the market's exposure to be limited and that it was in the process of working with insurers in the Lloyd's market to establish the market's financial exposure to the Indian Ocean earthquake and resulting tsunamis.
Lloyd's said today that it now has the results of those returns and that insurers in the Lloyd's market have an overall net loss of approximately ?100 million. Lloyd's also said a significant proportion of these losses will be within businesses' planning assumptions for expected catastrophe loss costs.
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