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Lloyd’s hurricane payouts surpass $2 billion

The Lloyd’s market has so far paid about $US1.7 billion ($2.24 billion) for claims arising from hurricanes Harvey, Irma and Maria.

Managing agents are paying brokers within five days of agreement, to help policyholders begin rebuilding.

Lloyd’s has also revealed it has paid about $US85 billion ($112 billion) in claims over the past five years, as part of a campaign to highlight the market’s paying record.

“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,” Chief Commercial Officer Vincent Vandendael said.

“Whether offering advice to mitigate risks, creating insurance policies that cater for new risks or honouring our promise to pay claims to help people get back on their feet after disaster strikes, insurers have a crucial role to play.

“It’s time they shouted this story from the rooftops.”

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