The FINANCIAL - Lloyd’s pays $1.7bn so far for storms Harvey, Irma and Maria

Lloyd’s pays $1.7bn so far for storms Harvey, Irma and Maria

Lloyd’s pays $1.7bn so far for storms Harvey, Irma and Maria

The FINANCIAL -- The Lloyd’s market has now paid claims worth US$1.7bn in response to windstorms Harvey, Irma and Maria.

Earlier this year Lloyd’s estimated a total commitment of US$4.8bn for the three storms.

Lloyd’s brokers are receiving money from Lloyd’s managing agents within just five days of agreement so they can pay policyholders promptly.

Commending the market, Lloyd’s CEO, Inga Beale, said:

“As a market that’s been trading for 328 years, Lloyd’s understands the importance of honouring its promise to pay. This has always been the foundation of Lloyd’s trusted reputation. With total net financial resources of £28bn the market stands ready to support policyholders when they need us most.

“As well as helping businesses reopen their doors, claims from the Lloyd’s market serve all manner of different purposes, such as restoring vital public services like power, so people can heat their homes, or clearing roads, railways and airstrips, so commerce can be restored or vital aid delivered to those in need. Claims payments might also go towards repairing boats so fishermen can get back to sea, or mending machinery so farmers can re sow their fields. All of this helps local communities get back up and running again as quickly as possible.”

The news comes as Lloyd’s launches a profile-raising campaign to highlight the market’s claims paying record, according to Lloyd’s.

Lloyd’s revealed that, over the past five years, the market has paid out $85bn in claims, an average of $43m per day paid to policyholders around the world.

Commenting on the new claims campaign, Vincent Vandendael, Chief Commercial Officer, said:

“For too long we have not made the most of our claims service, which is one of our greatest attributes, with global reach, high service standards, financial security and focus on the policyholder.

“Whether offering advice to mitigate risks, creating insurance policies that cater for new risks or honouring our promise to pay claims to help people get back on their feet after disaster strikes, insurers have a crucial role to play. It’s time they shouted this story from the rooftops.”