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by : Alpha Insurance Analysts

Lloyd’s has announced its estimated net claims before tax from Superstorm Sandy are between $2bn and $2.5bn.

The range of the claims estimate is consistent with insurance industry losses of between $20bn and $25bn.

It is expected that there will be minimal impact on Lloyd’s member capital and no impact on the Central Fund.

As additional information emerges, Lloyd’s actual ultimate net claims from the event may vary from this preliminary estimate.

Lloyd’s Chief Executive Richard Ward said: “As always, our priority is to pay valid claims as quickly as possible and help the communities in North America and the Caribbean affected by Sandy get back on their feet.

“The Lloyd’s insurance market remains financially strong and, while claims from this storm could still evolve over time, the market’s total exposure is well within the worst case scenarios we model and prepare for.”