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 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.