Rates are likely to rise across the insurance market because of the Atlantic hurricane season and there is already evidence they are increasing, according to Hiscox. “These events are already having an impact on rates in the global insurance market, particularly in affected areas and specific sectors," said Bronek Masojada, the firm's CEO. Hiscox anticipates that the firm is facing claims of 4.5bnm arising from the storms. Lloyd's of London has forecast a figure of $about $225 for losses arising from Harvey and Irma.
Rates are likely to rise across the insurance market because of the Atlantic hurricane season and there is already evidence they are increasing, according to Hiscox. “These events are already having an impact on rates in the global insurance market, particularly in affected areas and specific sectors," said Bronek Masojada, the firm's CEO. Hiscox anticipates that the firm is facing claims of about $225m arising from the storms. Lloyd's of London has forecast a figure of $4.5bn for losses arising from Harvey and Irma.