Lloyd's problem in Canada market
From Canadian Insurance July/August issue, you may know that Lloyd's of London pay out more in claims than they took in last year.
Lloyd's chairman Lord Peter Levene said that Canada is his second-largest overseas market, has been causing "a few frown lines."
He pointed out that in 2005, Lloyd's underwriters paid some "significant" claims arising out of a variety of risks - a fire at an Alberta oil sands facility, a U.S. securities action against a major Canadian financial institution and the August rainstorm in Ontarioi. As well, this year Lloyd's has shared in the almost $70 million in insured damages arising out of the Queen of the North ferry sinking.
How much Lloyd's paid every day?
Almost $6 million a day on average.
The Lloyd's underwriters should be very carefull in the next few years.
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