Natural disasters in the first quarter of this year have cost Lloyd’s $US3.8 billion ($3.6 billion).

The current net claims for the Japanese earthquake and tsunami are estimated at $US1.95 billion ($1.84 billion), the Christchurch earthquake $US1.2 billion ($1.1 billion) and the Australian floods in January $US650 million ($616 million).

Lloyd’s CEO Richard Ward says the losses are consistent with industry figures of $US30 billion ($28.4 billion) for Japan, $US9 billion ($8.5 billion) for the NZ earthquake and $US5 billion ($4.7 billion) for the Australian floods.

“There will not be a material impact on Lloyd’s capital and there is not expected to be any Central Fund exposure from these events, either individually or collectively,” Mr Ward said.

“The Lloyd’s market is as well capitalised as it has ever been and, while claims from all three events could still evolve over time, the market’s total exposure is well within the worst case scenarios we model and prepare for.”

However, Mr Ward is predicting a firming of rates as a result of these first-quarter losses and the recent tornados in the US.