Edition:
United Kingdom

HISCOX estimates net claims of about $150 mln from hurricane Harvey


Monday, 18 Sep 2017 

Sept 18 (Reuters) - HISCOX LTD ::IMPACT OF HURRICANE HARVEY.‍BASED ON AN INSURED MARKET LOSS OF US$25 BILLION (EXCLUDING GOVERNMENT BACKED NATIONAL FLOOD INSURANCE PROGRAM), HISCOX ESTIMATES NET CLAIMS OF APPROXIMATELY US$150 MILLION​.‍THIS IS WITHIN GROUP'S MODELLED RANGE OF CLAIMS FOR AN EVENT OF THIS NATURE, AND REINSURANCE PROTECTIONS FOR GROUP REMAIN SUBSTANTIALLY INTACT​.‍HISCOX WILL ANNOUNCE AN ESTIMATE OF NET CLAIMS ARISING FROM HURRICANE IRMA, ONCE IMPACT OF THAT STORM HAS BECOME CLEARER​.‍HARVEY HAS ALSO HIGHLIGHTED LACK OF FLOOD COVER FOR LARGE PARTS OF US MARKET- CEO​.‍HISCOX HAS TWO PRINCIPAL AREAS OF EXPOSURE: THROUGH REINSURANCE BUSINESS AND THROUGH INSURANCE LINES, INCLUDING FLOOD COVER FOR HOMEOWNERS AND BUSINESSES​.‍2017 WILL BE AN EXPENSIVE YEAR FOR NATURAL CATASTROPHES BUT INDUSTRY CAN COPE-CEO​.