Lloyd’s sees up to $3 billion in losses from Hurricane Ian after reinsurance

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Specialist insurance and reinsurance market Lloyd’s expects losses from Hurricane Ian to reach up to $3 billion, net of reinsurance, based on third quarter data from its unions.

Lloyd’s has published an estimated range for Hurricane Ian losses of $2.3 billion to $3 billion, after reinsurance, and says this is within its range of modeled results and has no impact on the market solvency position.

Depending on the market, its estimated net share of the industry’s total loss, which is expected to be between $50 billion and $70 billion, will be 3-5%.

“Our hearts go out first and foremost to all those affected by the devastating events that have taken place this year and, as always, Lloyd’s is ready to support its customers during these difficult times,” said Burkhard Keese, Chief Operating and Lloyd’s Finance.

“We are providing a loss estimate for Hurricane Ian outside of our regular financial reporting cycle to ensure market transparency and will release our 2022 year-end financial results in March 2023,” he added.

Stratumn, by SIA Partners

Prior to this Lloyd’s announcement, JP Morgan analysts reported that disclosed losses related to Hurricane Ian by the world’s leading reinsurers/insurers amount to approximately $20 billionthe most significant costs being observed at Berkshire Hathaway ($3.4 billion) and Citizens Property Insurance ($3.8 billion).

Even at the lower end of its estimate range, Lloyd’s would have the third highest cost of Ian, based on third quarter report data.

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