Underwriters at Lloyd's think the time is nearing when a mega-hurricane will slam the U.S. coast and cause "$100 billion" in insured losses, Lloyd's Chairman Peter Levene said today.

Mr. Levene, a British lord, told a research group in London, "We believe a $100 billion natural mega-catastrophe is getting closer and could hit anywhere on the Atlantic Coast."

His comments came in a talk to the Royal United Services Institute For Defence and Security Studies concerning the role of insurers in the creation of resilience "for the fabric of a global society."

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