Hiscox estimates Hurricane Harvey, Irma claims

Bermuda-based specialist insurer Hiscox said on Oct. 2 that it estimates the combined net claims from Hurricane Harvey and Hurricane Irma at approximately $225 million.

This estimate is based on an insured market loss of $35 billion for Hurricane Irma and $25 billion for Hurricane Harvey (excluding the government-backed National Flood Insurance Program).

Hiscox said that it is disclosing a combined figure due to the interrelated nature of reinsurance recoveries for these two events. The company noted that it still has ‘depth of cover’ in its reinsurance programme.

Hiscox Group CEO, Bronek Masojada, said: "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 non­affected lines. Although these are huge insured events, sadly, they also highlight the lack of cover in places."

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