US Insurers face $10bn losses
Posted on 12:56pm Tuesday 24th May 2011
US Insurers face $10 billion Losses
Devastating tornadoes, floods, earth-quakes overseas and a busier – than – usual hurricane scene have US insurance companies bracing for record loses in 2011.
Insurers could suffer as much as $10 bn (£6.2 bn) from weather related losses in the US in 2011, which is up from the average of $2bn to $4bn.
On top of the potential US losses, insurers are also reeling from disasters overseas including large earth –quakes across the Pacific Rim.
Obama arrives early in UK
US President Barak Obama flew to the UK from Ireland ahead of schedule last night as worries over ash from Iceland’s Grimsvotn volcano spreading to UK airspace forced an early departure.
Obama had planned to stay in Ireland overnight after visiting both Dublin and the small village of Moneygall, where one his ancestors lived before moving to the US.
Obama’s visit to Europe is expected to last a week, with stops scheduled in the UK, France and Poland.