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Are you on the ‘SS Euro’? Abandon Ship!

Wednesday, June 6, 2012

Are you on the ‘SS Euro’? Abandon Ship!


The Euro is creaking and making funny noises. Lloyds of London – who have a pretty good ear to perceive impending disasters – says the insurance market is preparing for the Euro's collapse and is trying to reduce its exposure as much as possible.

Robert Ward chief executive of the multi-billion dollar and almost five hundred year old institution said Lloyd's may have to write-down on its £58.9 billion investment portfolio if the euro collapses. In the interview for The Sunday Telegraph he explained the market has put in place a contingency plan to switch euro underwriting to multi-currency claims settlements

It seems Lloyds believes ‘grexit’ is looking more and more likely day by day. Insurers are a good reference point on this, since risk management lies at the very heart of insurance and reinsurance.  London as well as Germany are two of the key global long-term risk management markets, counting on extensive expertise and experience in such potentially catastrophic financial upheavals..... MORE

SourceRT.com

URL: http://www.rt.com/news/euro-greece-union-euro-062/

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