Lloyd’s payouts on storms Harvey, Irma and Maria top $1.7bn so far

Written by staff reporter

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

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.”

The latest figures have been released as part of renewed efforts by Lloyds’s to raise the profile of the market’s claims paying record. 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.

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.”

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