Harvey and Irma hit UK insurance group
INSURER HISCOX has laid bare the impact of hurricanes Harvey and Irma, revealing the natural disasters will cost the firm approximately £168m in claims.
The FTSE 250 firm said the estimate was within the modelled range for a disaster of that scale.
Parts of the Caribbean and US have been devastated by the hurricanes, with insurers expected to stomach a total hit of around £150bn.
Chief executive Bronek Masojada said the natural disasters are already having an impact on insurance rates.
He added: “Paying claims from devastating events like these is precisely what we are here for. Our focus is to get our customers back on their feet as quickly as we can.
“These events are already having an impact on rates in the global insurance market, particularly in affected areas and specific sectors.
“After a number of years of rate reductions, we are starting to see price corrections, most acutely in affected lines such as large property insurance and catastrophe reinsurance, which we expect to spread to non-affected lines.”
Earlier this month Hiscox, which provides cover for around 60,000 homes in the UK, warned that “natural catastrophes” would run up a big bill for the insurance industry this year, but said the sector would be able to cope.
Parts of the Caribbean and US have been devastated by hurricanes Harvey and Irma.