Lloyd’s records third largest catastrophe loss from Thai floods

Lloyd’s has placed its preliminary estimate of net claims from the 2011 flooding in Thailand to be US$2.2 billion.

According to the Globe and Mail, the Thai floods mark the third-biggest catastrophe loss Lloyd’s has absorbed in its 324-year history.

The industry loss is estimated to range between $15 and $20 billion.

These events are not expected to give rise to either any material claims on the central fund or to any material change in the overall level of capitalization of the market, a Lloyd’s release says.

“As ever, our priority remains to assess and settle valid claims as swiftly as we can so the community and businesses in Thailand recover,” said Richard Ward, Lloyd’s chief executive.

“The Lloyd’s market is well capitalized as it has ever been. While claims from Thailand could still evolve over time, paying these claims is within the normal course of business for Lloyd’s.”

The floods affected industrial parks north of Bangkok, resulting in billions of dollars of damage and disrupting international supply chains.