March 2013
Daily Mail;3/28/2013, p93
What is it? WHEN a hurricane blows away a house or a flood drenches precious belongings someone has to bear the cost. That's the job of disaster insurers, which come to the rescue with financial aid. Why do we care? Lloyds of London posted its annual figures yesterday in which costs from Superstorm Sandy were one of the biggest bills it has ever underwritten, costing the industry around £15bn. Lloyd's returned to profit despite the £1.4bn Sandy bill. Other big bills for Lloyd's? Hurricane Katrina in 2005, which tore apart New Orleans, set Lloyd's back £2.8bn, making it twice as expensive as Sandy How did it get back in the black? Its £2.8bn profit came after what proved to be the costliest year on record for natural disasters in 2011. Total claims at Lloyd's fell to £10.1bn in 2012, from almost £13bn in 2011.


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