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Lloyd’s hurricane payout reaches $1.7 billion

Posted On: Nov. 29, 2017 2:55 PM CST

Lloyd’s of London has paid claims worth $1.70 billion so far in response to hurricanes Harvey, Irma and Maria, the market said Wednesday.

The three major hurricanes swept through the U.S. Gulf coast and the Caribbean in September, with Harvey flooding Houston and Maria crippling Puerto Rico, which remains devastated.

Industry insured losses have been estimated as high as $100 billion or more for the storms.

Lloyd’s previously estimated a loss of $4.8 billion for the three storms, the statement said, adding that brokers are receiving money from Lloyd’s managing agents within five days of agreement so they can pay policyholders promptly.