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| Cost of Harvey and Irma damage could hit $70bn, insurer says | Cost of Harvey and Irma damage could hit $70bn, insurer says |
| (4 months later) | |
| Hiscox chief executive says claims from two hurricanes have already made 2017 one of the worst years for natural disasters | |
| Julia Kollewe | |
| Tue 12 Sep 2017 18.44 BST | |
| First published on Tue 12 Sep 2017 18.14 BST | |
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| The insured damage caused by hurricanes Harvey and Irma is expected to be $50bn (£38bn) to $70bn, according to the boss of a Lloyd’s of London insurer. | The insured damage caused by hurricanes Harvey and Irma is expected to be $50bn (£38bn) to $70bn, according to the boss of a Lloyd’s of London insurer. |
| Bronek Masojada, chief executive of Hiscox, said insured losses for Harvey, which resulted in widespread flood damage, were running at $20-$30bn while the cost of Irma was expected to be $30bn-$40bn. Masojada was using estimates from the risk modelling firm AIR Worldwide. A rival risk analysis firm, RMS, estimated insured losses from Harvey could be up to $35bn, which would take the total to $75bn. | Bronek Masojada, chief executive of Hiscox, said insured losses for Harvey, which resulted in widespread flood damage, were running at $20-$30bn while the cost of Irma was expected to be $30bn-$40bn. Masojada was using estimates from the risk modelling firm AIR Worldwide. A rival risk analysis firm, RMS, estimated insured losses from Harvey could be up to $35bn, which would take the total to $75bn. |
| The insurer said the claims would make 2017 one of the worst years for natural disasters with the hurricane season not yet over. | The insurer said the claims would make 2017 one of the worst years for natural disasters with the hurricane season not yet over. |
| However, the scale of the destruction caused by Irma, while vast, was less than had been feared and insurance shares rose on Tuesday. | However, the scale of the destruction caused by Irma, while vast, was less than had been feared and insurance shares rose on Tuesday. |
| Estimates had put the total economic cost, which includes uninsured losses, at $200bn to $300bn over the weekend. Masojada said only one in six Houston homeowners had house insurance. | Estimates had put the total economic cost, which includes uninsured losses, at $200bn to $300bn over the weekend. Masojada said only one in six Houston homeowners had house insurance. |
| He warned that the price of insuring property would now rise across the US, not just in the worst affected states of Texas and Florida and beyond. | He warned that the price of insuring property would now rise across the US, not just in the worst affected states of Texas and Florida and beyond. |
| He said: “People buy programmes covering all of their property, wherever they are in America. So [price rises] will be broader than just Texas and Florida. | He said: “People buy programmes covering all of their property, wherever they are in America. So [price rises] will be broader than just Texas and Florida. |
| “It’s only halfway through the hurricane season and we’ve already had one of the most expensive years ever.” | “It’s only halfway through the hurricane season and we’ve already had one of the most expensive years ever.” |
| A quarter of the houses in the Florida Keys have been destroyed, while another 65% suffered major damage, the US Federal Emergency Management Agency said on Tuesday. | A quarter of the houses in the Florida Keys have been destroyed, while another 65% suffered major damage, the US Federal Emergency Management Agency said on Tuesday. |
| Insurance industry | |
| Hurricane Harvey | |
| Natural disasters and extreme weather | |
| Hurricane Irma | |
| Lloyd's | |
| news | |
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