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Hiscox announces cost in claims

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Claims for floods, earthquakes, and the UK’s winter freeze can cost Hiscox more than £130m.

The insurer said quakes in Chile and New Zealand, and the violent windstorms which swept through Europe last February meant about £115m of claims.

Hiscox estimates that bad weather in the UK in November and December will result in about £15m of claims. The company said in a trading update that it was still assessing its exposure to the floods in Australia.

Hiscox said: “Although 2010 was marked by many significant and expensive catastrophes, most of these occurred in areas where Hiscox had deliberately reduced exposure due to weak rates.”

The company added that, despite the UK insurance claims for the bad weather, its UK household division “remains on track to make a healthy profit”.

Source : BBC