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Hiscox estimates $225m claims for Harvey and Irma

02 October 2017 07:50

Hiscox has estimated combined net claims of $225m for Hurricane Harvey and Hurricane Irma.

It said this followed a first estimate of the combined impact of the hurricanes.

Hiscox said the due to the interrelated nature of reinsurance recoveries for these two events, the group was disclosing a combined figure.

It said that based on an insured market loss of US$35bn for Hurricane Irma and US$25bn for Hurricane Harvey (excluding the government backed National Flood Insurance Programme), Hiscox estimated combined net claims of approximately US$225m.

It added: 'Although there is still a degree of uncertainty around these hurricanes, this is within the Group's modelled range of claims for events of this nature, and we still have depth of cover in our reinsurance programme.'

Group chief executive Bronek Masojada, said: '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.'

Story provided by StockMarketWire.com

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