2017 will be one of the worst years for insurance claims for natural disasters, says Hiscox, as reinsurance firm Swiss Re says its bill will be around £2.7bnHurricanes Harvey, Irma and Maria, along with two recent earthquakes in Mexico, will cost the insurance industry $95bn (£72bn), according to estimates released on Friday. Reinsurance companies such as Swiss Re stand behind insurance companies and help to cushion the blow of claims from their customers. Hiscox, an insurer on the Lloyd’s of London insurance market, has put the cost of the insured damage of Harvey and Irma at $50bn. But he indicated that the cost to the insurance industry would be reduced by the fact that only one in six Houston homeowners were covered. The economic cost – which includes damage which is not covered by insurance policies – has been estimated at $300bn.

Source: The Guardian October 20, 2017 16:41 UTC