Property Insurance Policies Will Get Pricier After Harvey, Irma

Lloyd’s of London underwriter Hiscox Ltd said the price of insuring property in the United States would rise after the states of Texas and Florida suffered billions of dollars of losses from Hurricanes Harvey and Irma. “This will definitely have the impact of eliminating price reductions. I think that loss-affected areas will see price rises. The bigger ticket property area will see price rises because that was a very under-priced area beforehand,” Chief Executive Bronek Masojada told Reuters.
“People buy programs covering all of their property wherever they are in America. So, it (price rises) will be broader than just Texas and Florida,” Masojada added.