Lloyd’s of London have been in the press this week over the possibility of not paying a claim made by superstar Kanye West. The American rapper cancelled the final 21 dates of his Saint Pablo Tour in November of last year after he spent eight days in a neuropsychiatric centre at UCLA in Los Angeles. Whilst Lloyd’s of London have stated they are “not able to comment on matters in litigation.”, there have been rumours they may refuse to pay out because of a medical condition caused by marijuana use. Lloyd’s have brought in legal parties which has caused further outrage from the claimants lawyer, Howard King. King insists Lloyd’s charge “bounteous” premiums and then run “unending” investigations on pay outs. However Lloyd’s pride themselves on paying all valid claims. In 2015 alone Lloyd’s paid £11 billion (gross) worth of claims with risks placed across 233 countries and all seven continents. Approximately £280 million worth of claims arose from catastrophe events in 2015 but this only equated to less than 5% of the total number of open claims processed. Statistics further showed Casualty and Property claims made up over half the volume.
Author: AFL Insurance Brokershttp://www.aflib.com
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