Hiscox Ltd Impact of Hurricane Harvey (9577Q)
September 18 2017 - 2:00AM
UK Regulatory
TIDMHSX
RNS Number : 9577Q
Hiscox Ltd
18 September 2017
Impact of Hurricane Harvey
Hamilton, Bermuda (Monday 18 September 2017) - Hiscox Ltd
(LSE:HSX), the international specialist insurer, has undertaken a
first estimate of the impact of Hurricane Harvey.
Based on an insured market loss of US$25 billion (excluding the
government backed National Flood Insurance Program), Hiscox
estimates net claims of approximately US$150 million. This is
within the Group's modelled range of claims for an event of this
nature, and reinsurance protections for the Group remain
substantially intact.
The first major Hurricane to hit landfall in the US in over 12
years, Harvey unusually stalled over Houston creating a prolonged
period of flooding for the region. Hiscox has two principal areas
of exposure: through reinsurance business and through insurance
lines, including flood cover for homeowners and businesses.
Hiscox Group CEO, Bronek Masojada, said: "Insurance exists to
help individuals and companies recover from the devastation caused
by events like this, and our priority is to pay claims quickly so
that they can do that. At the same time, Harvey has also
highlighted the lack of flood cover for large parts of the US
market."
Bronek added: "2017 will be an expensive year for natural
catastrophes but the industry can cope. Insurance remains a
cyclical business and after a long period of price reductions,
insurance rates in the affected areas and in specific sectors such
as large property are likely to increase. In the wider global
insurance market for large risks, we expect rates to stabilise and
begin to increase."
Hiscox will announce an estimate of net claims arising from
Hurricane Irma, once the impact of that storm has become
clearer.
Ends
For further information please contact:
Hiscox Ltd
Kylie O'Connor +44 (0) 20 7448 6656
Kylie.O'Connor@HISCOX.com
Lucy Hensher +44 (0) 20 7448 6619 Lucy.Hensher@HISCOX.com
Brunswick
Tom Burns +44 (0)20 7404 5959 TBurns@BrunswickGroup.com
Simone Selzer +44 (0)20 7404 5959 sselzer@brunswickgroup.com
Notes to editors
About The Hiscox Group
Hiscox is a global specialist insurer, headquartered in Bermuda
and listed on the London Stock Exchange (LSE:HSX). Our ambition is
to be a respected specialist insurer with a diverse portfolio by
product and geography. We believe that building balance between
catastrophe-exposed business and less volatile local specialty
business gives us opportunities for profitable growth throughout
the insurance cycle. It's a long-standing strategy which in 2016
helped generate gross premiums written of GBP2,402.6 million and a
record profit before tax of GBP354.5 million.
The Hiscox Group employs over 2,300 people in 13 countries, and
has customers worldwide. Through the retail businesses in the UK,
Europe, Asia and the US, we offer a range of specialist insurance
for professionals and business customers as well as homeowners.
Internationally traded, bigger ticket business and reinsurance is
underwritten through Hiscox London Market and Hiscox Re and
ILS.
Our values define our business, with a focus on people, quality,
courage and excellence in execution. We pride ourselves on being
true to our word and our award-winning claims service is testament
to that. For more information, visit www.hiscoxgroup.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
TSTBRGDCSGBBGRU
(END) Dow Jones Newswires
September 18, 2017 02:00 ET (06:00 GMT)
Hiscox (LSE:HSX)
Historical Stock Chart
From Apr 2024 to May 2024
Hiscox (LSE:HSX)
Historical Stock Chart
From May 2023 to May 2024