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'[email protected]
Lucy Hensher +44 (0) 20 7448 6619 [email protected]
Brunswick
Tom Burns +44 (0)20 7404 5959 [email protected]
Simone Selzer +44 (0)20 7404 5959 [email protected]
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 £2,402.6 million and a record profit before tax of £354.5 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.
