Lloyd's of London today confirmed estimates of the cost of covering the destruction wrought in the US...
Lloyd's of London today confirmed estimates of the cost of covering the destruction wrought in the US two weeks ago, saying its syndicates will have to stump up £1.3bn and that as a result premium rates are set to continue increasing. Chairman Sax Riley also warned of further bad news to come. "The long-term impact of the US attacks on the insurance industry is yet to be fully appreciated. Lloyd's is open for business and trading forward. Clearly there will be a contraction of global insurance capacity, which will fuel the premium rate rises we have been seeing since the last quart...
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