LONDON (Reuters) - The Lloyd's of London insurance market expects to face claims of $2.34 billion as a result of Hurricanes Gustav and Ike which battered the United States last month.
"While industry losses from Hurricanes Gustav and Ike are likely to exceed initial forecasts, the claims to Lloyd's will be manageable and in the normal course of business," Chief Executive Richard Ward said in a statement on Tuesday.
The world's oldest and biggest insurance market said analysts estimated that for the insurance industry as a whole the cost of the storms would be between $20 billion and $25 billion.
"Clearly these hurricanes have had a significant impact on the coastal and inland communities of the Southern U.S.," Ward said, adding that it would be some time before the precise extent of the damage and losses was known.
(Reporting by Paul Hoskins; Editing by Jon Loades-Carter)
