LMA monitoring Japan quake tragedy "closely"

The Lloyd’s Market Association says it is monitering effects of the earthquake and tsunami which has hit Japan "closely".

In a statment, the LMA said: "Underwriters at the Lloyd’s of London insurance market are monitoring closely today’s tragic events as they unfold in Japan.

"This is clearly a major seismic disturbance causing significant damage, disruption and loss of life, but it is too early to give any accurate assessment of the likely impact on the Lloyd’s market.

"Lloyd’s underwriters participate on the reinsurances of domestic Japanese insurers and also have a limited amount of direct insurance business in the country.

"There remains a likelihood of tsunami and aftershocks in Japan and possibly elsewhere as well. Lloyd’s underwriters will continue to monitor developments.”