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Thai Floods Cost Lloyds $2.2 Billion; Total Flood Costs Estimated At $20 Billion
Lloyd's of London has estimated that it is liable for $2.22bn (£1.4bn) of net claims from the flooding that devastated Thailand last year.
In a first calculation of its liability for the damage, released to the City on Tuesday, the insurance market said the claims were unlikely to require members to make "material claims" on its central fund or reduce the overall level of capitalisation of the market.
Combined estimates from other insurance groups, including Swiss Re and Munich Re, have already put the total cost of the Thai floods at $15bn to $20bn. Lloyd's has used market share analysis, a review of contracts in place and estimates from each of its syndicates to work out its share of the damage.
In a statement, Lloyds said assessing claims after a major flood takes longer because the "sheer scale of the event" would leave loss adjusters thinly stretched on the ground. The knock-on impact of the interruption to business could also give rise to claims emerging some time after the event. Flooding began in July and subsided only in December.
EDIT
http://www.guardian.co.uk/business/2012/feb/14/lloyds-thailand-flooding-2bn-dollars?CMP=twt_gu