Lloyd’s of London Has Costliest First Quarter on Earthquakes
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Lloyd’s of London, the world’s oldest insurance market, said losses from this year’s natural disasters in Japan, New Zealand and Australia will cost about $3.8 billion, making it the costliest first quarter on record.
The Japanese earthquake and tsunami in March will cost Lloyd’s about $1.95 billion in claims, less than a tenth of the total estimated $30 billion total loss for the industry, the market said today in a statement. Claims from the New Zealand earthquake may total $1.2 billion, and flooding in Australia may cost $650 million, Lloyd’s said today.