Lloyd’s reports 2011 Q1 claims losses of $3.7 billion based on catastrophes in Japan, New Zealand and Australia

Lloyd’s of London has estimated total net claims losses of about $3.7 billion arising from the March 2011 earthquake and tsunami in Japan, the February 2011 earthquake in Christchurch, New Zealand and the January 2011 floods in Australia.
Lloyd’s said these claims are consistent with industry losses of $30 billion for Japan (excluding the life assurance and the public sector component of Japan earthquake reinsurance), $9 billion related to the New Zealand earthquake and $5 billion for the Australia floods.
Overall, the losses fell within current capacity of the Lloyd’s insurance market. “There will not be a material impact on Lloyd’s capital and there is not expected to be any Central Fund exposure from these events, either individually or collectively,” Lloyd’s noted in a press release.
At the same time, Lloyd’s did join a chorus of industry voices predicting that the 2011 Q1 losses will result in higher catastrophe rates. “We expect to see a firming of rates as a result of this first quarter and the recent tornadoes in the United States,” Lloyd’s chief executive Richard Ward said in a press release.