Lloyd's said expectations earlier this year that it would end2005 on a comfortably profitable note have been diminished by thethree catastrophic hurricanes that hit the United States.
The Lloyd's market reported today that it estimates the totalloss from Hurricanes Katrina, Rita and Wilma could amount to ?2.9billion ($5 billion U.S.). It now estimates net loss for Katrina at?1.9 billion ($3.42 billion); Rita net loss at ?535 million ($947million); and Wilma at ?483 million ($855 million).
Winifred A. Baker, president and director of Lloyd's AmericaInc., said in the first half of the year, the market expected tomake a substantial profit, and even after Katrina felt it couldstill make a profit. However, after Rita and Wilma, the marketbelieves that if there are no more catastrophes through the end ofthis year, it could see a profit, though very small.
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