Hurricane and Severe Weather Tracking Message Board

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Pastimes : Hurricane and Severe Weather Tracking

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To: CalculatedRisk who wrote (5280)	4/7/2006 4:53:49 PM
From: Wharf Rat	Read Replies (1) of 26067

Storms push Lloyd's into the red Insurance market Lloyd's of London has reported a loss of £103m ($180m) for 2005, following large claims from hurricane damage in the US. The loss followed a profit of £1.37bn in 2004, and Lloyd's said that 2005 had been "the worst year on record for natural disasters". The market had net claims of £3.31bn from the string of hurricanes that hit the US and the Caribbean last year. Unlike some insurance companies, Lloyd's didn't announce they were pulling out. However, they suggested that it may be more difficult to get insurance from them in the future: However, Lord Levene warned that the market should not dismiss the events of 2005 as a one-off. "We must not fall into the trap of thinking that 2005 was a freak year which could never happen again," he said. "We must only accept risk at an adequate price and on the right terms." I wonder if that's what's going to end up driving people away from the coasts? Not the hurricanes themselves, but the inability to get insurance for their homes and businesses in coastal areas. theoildrum.com

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