Lloyd's, has today announced its estimated net claims from the flooding in Thailand last year and the Press release is available in full here.

Our extract as follows:-

"The current net estimate, consistent with an industry loss of US$ 15-20bn, is US$ 2.2bn (£1.4bn)

 As additional information emerges, Lloyd's actual net claims from these events may vary from this preliminary estimate. These events are not expected to give rise to either any material claims on the central fund or to any material change in the overall level of capitalisation of the market. 

 Lloyd's Chief Executive Richard Ward said: "As ever, our priority remains to assess and settle valid claims as swiftly as we can so the community and businesses in Thailand recover.

 'The Lloyd's market is as well capitalised as it has ever been. While claims from Thailand could still evolve over time, paying these claims is within the normal course of business for Lloyd's.'

 Lloyd's preliminary estimates draw on market share analysis, a review of contracts in place and estimates from each syndicate.

 Notes to editors

 Loss information after a major flood can take longer to obtain than for other events, particularly as the knock on impact of Business Interruption can give rise to claims emerging some considerable time after the event itself. The sheer scale of the event will leave loss adjustors thinly stretched on the ground, further prolonging the time it takes to assess damage."

Hampden comment: Part of these Lloyd's numbers derives from the Tokio Marine 100% backed Kiln syndicate 1880 which has estimated a loss of US$700m from these events. Therefore excluding Syndicate 1880, Lloyd's estimates based upon current numbers would be US$1.5bn. This compares with the US$1.4bn preliminary estimate from Lloyd's in respect of the Chile earthquake in 2010.