Hiscox Strengthens Reserves By $165M For Storm Losses

Law360, London (November 4, 2019, 1:39 PM GMT) -- Hiscox said Monday it has set aside $165 million to cover claims for hurricanes and typhoons in the first nine months of the year, warning that claims from natural catastrophes were “materially in excess” of what it had forecast.

The claims will hit full-year profits, the U.K.-listed specialist insurer said in a trading update.

Typhoon Faxai and Typhoon Hagibis, which battered Japan in August and October respectively, are likely to lead to a combined $25 billion loss for the insurance industry, Hiscox said. Hurricane Dorian, which hit the Bahamas in August, is likely to lead to an industry loss of $8 billion....

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