Har­vey and Irma hit UK in­sur­ance group

Yorkshire Post - Business - - BUSINESS -

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.

PIC­TURES: PA

DE­STRUC­TION:

Parts of the Caribbean and US have been dev­as­tated by hur­ri­canes Har­vey and Irma.

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