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BRIEF-HISCOX estimates net claims of about $150 mln from hurricane Harvey
September 18, 2017 / 6:29 AM / in a month

BRIEF-HISCOX estimates net claims of about $150 mln from hurricane Harvey

Sept 18 (Reuters) - HISCOX LTD:

* IMPACT OF HURRICANE HARVEY

* ‍BASED ON AN INSURED MARKET LOSS OF US$25 BILLION (EXCLUDING GOVERNMENT BACKED NATIONAL FLOOD INSURANCE PROGRAM), HISCOX ESTIMATES NET CLAIMS OF APPROXIMATELY US$150 MILLION​

* ‍THIS IS WITHIN GROUP‘S MODELLED RANGE OF CLAIMS FOR AN EVENT OF THIS NATURE, AND REINSURANCE PROTECTIONS FOR GROUP REMAIN SUBSTANTIALLY INTACT​

* ‍HISCOX WILL ANNOUNCE AN ESTIMATE OF NET CLAIMS ARISING FROM HURRICANE IRMA, ONCE IMPACT OF THAT STORM HAS BECOME CLEARER​

* ‍HARVEY HAS ALSO HIGHLIGHTED LACK OF FLOOD COVER FOR LARGE PARTS OF US MARKET- CEO​

* ‍HISCOX HAS TWO PRINCIPAL AREAS OF EXPOSURE: THROUGH REINSURANCE BUSINESS AND THROUGH INSURANCE LINES, INCLUDING FLOOD COVER FOR HOMEOWNERS AND BUSINESSES​

* ‍2017 WILL BE AN EXPENSIVE YEAR FOR NATURAL CATASTROPHES BUT INDUSTRY CAN COPE-CEO​ Source text for Eikon: Further company coverage: (Bangalore.newsroom@thomsonreuters.com)

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