Underwriter Hiscox Revises Down Hurricane Claim Estimates

Lloyd’s of London underwriter Hiscox Ltd said it now estimates net claims for Hurricanes Harvey, Irma and Maria to total around $225 million, having previously estimated the same amount for Harvey and Irma alone. The insurer, which underwrites a range of risks from oil refineries to kidnappings, also said claims arising from the Mexico earthquakes and California wildfires are not expected to be material for the group. The third quarter of 2017 is expected to be the costliest on record for the insurance and reinsurance industry due to the run of natural catastrophes, with policy rates expected to go up as a result.