Update on Superstorm Sandy
Hamilton, Bermuda (18 December 2012) -- Hiscox Ltd (HSX:L), the international specialist insurer, today announced an estimate for the impact of Superstorm Sandy.
Although considerable uncertainties still exist around the impact of Superstorm Sandy, based on an insured market loss of US $20 billion, Hiscox estimates net claims of approximately £90 million.
Twice a year Hiscox publishes its expected losses for modelled catastrophes including exposure to US windstorm1. This estimate is within the published range, and is within Hiscox’s overall budgeted loss expectations for the year.
1 Hiscox 2012 Interim results presentation to analysts (available on hiscox.com)
For further information:
Jeremy Pinchin, Company Secretary +1 441 278 8300
Kylie O’Connor, Head of Communications +44 (0) 207 448 6656
Brunswick +44 (0)20 7404 5959
Notes to editors
Hiscox, headquartered in Bermuda, is an international specialist insurance group listed on the London Stock Exchange (LSE:HSX). There are three main underwriting parts of the Group – Hiscox London Market, Hiscox UK and Europe and Hiscox International. Hiscox London Market underwrites mainly internationally traded business in the London Market – generally large or complex business which needs to be shared with other insurers or needs the international licences of Lloyd’s. Hiscox UK and Hiscox Europe offer a range of specialist insurance for professionals and business customers, as well as high net worth individuals. Hiscox International includes operations in Bermuda, Guernsey and USA. For further information, visit www.hiscox.com.
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