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. The insurer has also been hit by a series of hurricanes this year, including Hurricane Matthew which caused $80bn worth of damage around Puerto Rico.
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.