The Lloyd’s market has paid claims worth $1.7 billion, to date, in response to Hurricanes Harvey, Irma and Maria. Earlier this year, Lloyd’s estimated a total commitment of $4.8 billion for the three storms.
Lloyd’s brokers are receiving money from Lloyd’s managing agents within just five days of agreement, so they can pay policyholders promptly, said Lloyd’s in a statement.
“As a market that’s been trading for 328 years, Lloyd’s understands the importance of honoring its promise to pay,” commented Lloyd’s CEO Inga Beale. With total net financial resources of £28 billion ($36.5 billion), “the market stands ready to support policyholders when they need us most,” she added.
“As well as helping businesses reopen their doors, claims from the Lloyd’s market serve all manner of different purposes, such as restoring vital public services like power so people can heat their homes, or clearing roads, railways and airstrips so commerce can be restored or vital aid delivered to those in need,” Beale noted.
“Claims payments might also go toward repairing boats so fishermen can get back to sea, or mending machinery so farmers can resow their fields. All of this helps local communities get back up and running again as quickly as possible,” she continued.
At the same time as the announcement about its hurricane claims, Lloyd’s said it is launching a campaign to highlight the market’s claims-paying record.
Lloyd’s revealed that, over the past five years, the market has paid out $85 billion in claims, an average of $43 million per day paid to policyholders around the world.
“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,” said Vincent Vandendael, chief commercial officer, commenting on the new claims campaign.
“Whether offering advice to mitigate risks, creating insurance policies that cater for new risks or honoring 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,” he added.