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