October 2, 2017 / 6:17 AM / a year ago

Hiscox expects $225 mln net claims from hurricanes Harvey, Irma

Oct 2 (Reuters) - Lloyd’s of London underwriter Hiscox Ltd estimated on Monday that it would face net claims totalling about $225 million from hurricanes Harvey and Irma.

The company said that despite continuing uncertainty around the losses from hurricanes Harvey and Irma, the estimates were within its modelled range of claims for events of this nature and that it still had “depth of cover” in its reinsurance business.

Hiscox had previously estimated that it would see net claims of about $150 million from Hurricane Harvey.

Insurers and reinsurers are counting the costs of Harvey, which lashed Texas causing flooding that put it on the scale of Hurricane Sandy in 2012 and Irma, one of the most powerful Atlantic storms on record, which ravaged several islands in the northern Caribbean, before moving into Florida’s Gulf Coast. (Reporting by Esha Vaish in Bengaluru; editing by Carolyn Cohn)

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