Lloyd's expects claims from the New Zealand earthquakes of NZ$2bn (US$1.7bn), the New Zealand Herald reports.

The figure was given by Lloyd's chairman Lord Levene at a breakfast address to members of the Insurance Brokers Association of New Zealand on Monday.

Lloyd's issued a loss estimate of US$1.2bn for the New Zealand quakes in May this year. However, a further earthquake hit the city in June, which would have added to the figure. In addition, Lloyd's warned when it gave its initial estimate that actual claims may vary.