Nov 7 (Reuters) - 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. However Hiscox seems so far to be weathering the impact better than some rivals.
The underwriter reported gross written premiums for the first nine months rose 12.4 percent to 2.09 billion pounds ($2.75 billion), helped by its Hiscox USA business.
“The recent catastrophes are estimated to have cost the industry $100 billion and follow a decade of rate reductions. Therefore, it is not surprising that we are seeing signs of a hardening market,” Hiscox said. ($1 = 0.7605 pounds)
Reporting by Noor Zainab Hussain in Bengaluru; Editing by Rachel Armstrong