December 7, 2017 / 12:30 PM / 3 years ago

Air Worldwide cuts Hurricane Maria loss estimate

LONDON, Dec 7 (Reuters) - Risk modelling agency Air Worldwide cuts its estimate for insured losses from Hurricane Maria, which hit the Caribbean in September, to $27-48 billion from a previous estimate of $40-85 billion.

Air Worldwide estimated insured losses in Puerto Rico, which was devastated by the hurricane, at $25-43 billion, it said in a statement issued late on Wednesday.

Insurers and reinsurers are counting the costs of three major hurricanes and other natural disasters this year, with some estimating 2017 will be the most expensive on record for insured disasters.

The Bank of England told insurers on Thursday to improve their catastrophe models.

Reporting by Carolyn Cohn;Editing by Elaine Hardcastle

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