Hiscox Ltd Update on Hurricanes Harvey and Irma (3278S)
02 October 2017 - 5:00PM
UK Regulatory
TIDMHSX
RNS Number : 3278S
Hiscox Ltd
02 October 2017
Update on Hurricanes Harvey and Irma
Hamilton, Bermuda (Monday 2nd October 2017) - Hiscox Ltd
(LSE:HSX), the international specialist insurer, has undertaken a
first estimate of the combined impact of Hurricane Harvey and
Hurricane Irma.
Due to the interrelated nature of reinsurance recoveries for
these two events, the Group is disclosing a combined figure. Based
on an insured market loss of US$35 billion for Hurricane Irma and
US$25 billion for Hurricane Harvey (excluding the government backed
National Flood Insurance Program), Hiscox estimates combined net
claims of approximately US$225 million. 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.
Hiscox Group CEO, 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."
Bronek added: "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.
Although these are huge insured events, sadly, they also highlight
the lack of cover in places."
Hiscox will publish a Q3 Interim Management Statement on 7
November.
Ends
For further information please contact:
Hiscox Ltd
Kylie O'Connor +44 (0) 20 7448 6656
Kylie.O'Connor@HISCOX.com
Lucy Hensher +44 (0) 20 7448 6619 Lucy.Hensher@HISCOX.com
Brunswick
Tom Burns +44 (0)20 7404 5959 TBurns@BrunswickGroup.com
Simone Selzer +44 (0)20 7404 5959 SSelzer@BunswickGroup.com
Notes to editors
About The Hiscox Group
Hiscox is a global specialist insurer, headquartered in Bermuda
and listed on the London Stock Exchange (LSE:HSX). Our ambition is
to be a respected specialist insurer with a diverse portfolio by
product and geography. We believe that building balance between
catastrophe-exposed business and less volatile local specialty
business gives us opportunities for profitable growth throughout
the insurance cycle. It's a long-standing strategy which in 2016
helped generate gross premiums written of GBP2,402.6 million and a
record profit before tax of GBP354.5 million.
The Hiscox Group employs over 2,300 people in 13 countries, and
has customers worldwide. Through the retail businesses in the UK,
Europe, Asia and the US, we offer a range of specialist insurance
for professionals and business customers as well as homeowners.
Internationally traded, bigger ticket business and reinsurance is
underwritten through Hiscox London Market and Hiscox Re and
ILS.
Our values define our business, with a focus on people, quality,
courage and excellence in execution. We pride ourselves on being
true to our word and our award-winning claims service is testament
to that. For more information, visit www.hiscoxgroup.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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