Lloyd's issues warning over hurricane losses
30/11/2005 - 08:03:34Lloyd’s of London warned today its market only had a slim chance of making a profit this year, after losses in the wake of Hurricane Katrina spiralled.
The insurance organisation put the cost of August’s devastating windstorm at about £1.9bn (€2.8bn), compared with a previous estimate of £1.4bn (€2bn).
Losses from hurricanes Rita and Wilma are likely to be in the region of £535m (€781m) and £483m (€705m) respectively, although Lloyd’s said its market remained financially strong and that it did not expect any syndicate would be unable to trade as a result of the hurricanes.
