Lloyds insurers hit as disaster costs balloon

first_img KCS-content Lloyds insurers hit as disaster costs balloon by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farm FOUR Lloyds insurers saw their profit forecasts slashed by RBS analysts yesterday due to ballooning losses from natural disasters. Chaucer, Catlin, Hiscox and Lancashire saw their full-year pre-tax profit estimates cut by up to a fifth due to losses from the earthquake that devastated Christchurch in New Zealand last September. And insurers, already hit by losses of $5.5bn to $6bn from that quake alone, are likely to be further hurt by fresh losses from the floods in Queensland, Australia, RBS analyst Joanna Parsons warned. “It seems likely that there will be some notable claims arising from the disaster, especially regarding business interruption and potentially from flooded mines,” she said. The Queensland floods, which have killed nine people and seen thousands evacuated, are estimated to have cost the Australian economy $6bn so far and the coal industry alone $2bn from mine closures. Analysts are already speculating about insured losses running into billions of dollars.RBS expects Chaucer’s profit to drop 21 per cent to £34.1m in 2010, after it almost doubled its estimated net loss from the earthquake to $20m from $12.5m last month. Both Catlin, which upped its estimated loss from the quake by $10m to $45m in December, and Hiscox, had three per cent cut from their RBS profit forecasts, while Lancashire lost two per cent.Hiscox is one of several reinsurers expected to pay claims from the New Zealand Earthquake Commission’s reinsurance programme, which is expected to lodge claims totalling up to N$3.5bn (£1.71bn) resulting from the quake.Amlin, another of the commission’s reinsurers, also yesterday admitted it lost $160m – more than double its initial estimate of $75m. Tuesday 11 January 2011 9:13 pm More From Our Partners Mark Eaton, former NBA All-Star, dead at 64nypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comcenter_img Show Comments ▼ whatsapp Tags: NULL Share whatsapplast_img