The London market also said that net claims from the Chilean earthquake would be $1.4bn
Lloyd’s estimated that net claims from the Deepwater Horizon explosion in the Gulf of Mexico stand at between $300m and $600m.
It also assessed its net claims before tax from the earthquake in Chile to be in the order of $1.4bn.
There will be no central fund exposure from the events, said Lloyd’s.
“It is difficult at this time to provide an accurate estimate of the financial impact of these events on the overall market given that both are still evolving,” said the London market.
Lloyd’s chief executive Richard Ward said: “Clearly these events have had a significant impact on both Chilean and US-coastal communities, as well as a severe environmental cost in the case of the oil spill off Louisiana. Our priority remains to assess and settle valid claims as quickly as possible in both regions and helping to rebuild.
“These figures are our estimates of the market’s total exposure. The claims relating to the Chilean Earthquake will evolve for some time, while the event in the Gulf of Mexico is still developing.”
As additional information emerges, Lloyd’s actual ultimate net claims from both events may vary from this preliminary estimate.
