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Hiscox estimates Harvey net claims of $150m

18 September 2017 07:24

Hiscox has estimated net claims of approximately US$150m from the impact of Hurricane Harvey.

It said this first estimate was based on an insured market loss of US$25bn (excluding the government backed National Flood Insurance Programme).

Hiscox said this was within the group's modelled range of claims for an event of this nature, and reinsurance protections for the group remained substantially intact.

It said that Harvey - the first major hurricane to hit landfall in the US in over 12 years - unusually stalled over Houston creating a prolonged period of flooding for the region.

Hiscox said it had two principal areas of exposure: through reinsurance business and through insurance lines, including flood cover for homeowners and businesses. Group chief executive Bronek Masojada said: "Insurance exists to help individuals and companies recover from the devastation caused by events like this, and our priority is to pay claims quickly so that they can do that.

"At the same time, Harvey has also highlighted the lack of flood cover for large parts of the US market."

Bronek added: "2017 will be an expensive year for natural catastrophes but the industry can cope. Insurance remains a cyclical business and after a long period of price reductions, insurance rates in the affected areas and in specific sectors such as large property are likely to increase.

"In the wider global insurance market for large risks, we expect rates to stabilise and begin to increase."

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