Lloyds anticipates significant claims post Katrina

In a statement on the impact of Hurricane Katrina, the Lloyds of London market issued a statement outlining the likelyhood of serious claims in the aftermath of the catastrophe.”Lloyd’s expects to receive significant insurance claims as a result of Hurricane Katrina, predominantly in relation to offshore energy installations in the Gulf, property damage and business interruption. “We are today asking all insurers at Lloyd’s to supply details of the likely impact on their businesses, by Monday 12 September. Those returns will allow us to give more information about the market’s overall exposure. “Despite the severity of Katrina, the Lloyd’s market is well-equipped to manage the financial impact of a catastrophe on this scale. “Clearly Katrina had a major impact on businesses and communities in the Gulf Region of the US Lloyd’s priority now will be to assess and settle claims as speedily as possible, to help the reconstruction of that area.”