The figure is based on Hurricane Harvey causing an insured loss of $25bn and Hurricane Irma costing the industry $35bn. The catastrophe claims estimates exclude losses to the US National Flood You are currently unable to print this content. Please contact [email protected] to find out more. You are currently unable to copy this content. Please contact [email protected] to find out more.
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 chambers . “ These storms are already having an impact on rates in the global insurance market , particularly in affected areas and specific sectors , " says Bronek chambers , the firm 's CEO . Hiscox anticipates that the firm is facing claims of about $ 225 m ##w from the storms . Lloyd 's of London has reported a figure of $ 4.5bn for losses arising from Harvey and Irma .