© Reuters. LLOYD’S OF LONDON: DISASTERS CAUSE A RECAPITALIZATION
LONDON (Reuters) – The insurers of Lloyd’s of London have added three billion pounds (3.4 billion euros) in capital following large losses due to natural disasters in 2017, officials said the london insurance market.
These funds have been made to “restore the capital resources at their level prior to the loss events in the third quarter of 2017 and to respond to changes in capital standards for the 2018 campaign,” declare in an annual email sent to Lloyd’s chairman Bruce Carnegie-Brown and the director-general Inga Beale.
“No trade union has ceased its activities due to the storms”, they add.
This year could be the most expensive to the insurance sector as a result of multiple natural disasters, whether it be the three hurricanes that hit the Caribbean and the United States, earthquakes in Mexico, or the fires in California, say experts.
Lloyd’s, the world’s leading insurance specialist, are comprised of more than 80 trade unions members of the market.
(Carolyn Cohn, Wilfrid Exbrayat for the French service)