Hiscox likely to face $225 million in hurricane claims

Bermuda-based insurer and reinsurer Hiscox Ltd. said that it is likely to pay $225 million in net claims for damage caused by hurricanes Harvey and Irma, Reuters reported. The insurer said that the claims were within its expected range for such events and that it still had "depth of cover" in its reinsurance business. Bronek Masojada, chief executive of Hiscox, said that the storms meant insurance and reinsurance rates were expected to rise. "We are starting to see price corrections, most acutely in affected lines such as large property insurance and catastrophe reinsurance," he added.

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