Lloyd's of London facing $1.4bn Chile earthquake bill

Lloyd's of London, the world's biggest insurance market, has said the Chilean earthquake earlier this year will cost it about $1.4bn (£974m) in net claims.

It also estimates claims of some $300m to $600m from the Deepwater Horizon explosion in the Gulf of Mexico.

But Lloyd's warned the final costs from both may vary from these estimates.

The claims relating to the earthquake "will evolve for some time", while the event in the Gulf of Mexico was "still developing", Lloyd's 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," Lloyd's chief executive Richard Ward said.

"Our priority remains to assess and settle valid claims as quickly as possible in both regions and helping to rebuild."