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Lloyd’s of London says Hurricanes Harvey and Irma could cost it $4.5 billion as profits fall 16%





Hurricane Harvey

LONDON — Insurance marketplace Lloyd’s of London warned on Thursday that early estimates suggest the impact of Hurricanes Harvey and Irma could cost it $4.5 billion (£3.3 billion).

The warning came as Lloyd’s pre-tax profits fell by 16% to £1.22 billion for the first half of the year. That period had a relatively low level of natural disasters, suggesting the second half of 2017 could be even tougher.

Lloyd’s said in its interim report:

“Windstorms Harvey and Irma made landfall on the United States and the Caribbean towards the end of August and early September 2017 respectively.

“These events have caused significant damage read more >>>

Source:: BusinessInsider.Com

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