Lloyd’s of London insurer, Hiscox (HSX.L), said it expects to reserve a net loss of $75 million for Hurricane Milton in the fourth quarter, while its natural catastrophe losses and claims were within expectations for the January -September period.
Hiscox explained that the reserve is set aside based on industry expectations of insured losses of $40 billion for Hurricane Milton.
The company, which underwrites a range of risks from natural catastrophes to cyber attacks, kidnappings and art theft, posted a 3 percent rise in group insurance contract written premiums to $3.87 billion for the period under review.
According to Reuters, HSX.L opened new tab and posted a rise in premiums written for the first nine months of the year last week Thursday, helped by strength in its reinsurance and retail insurance businesses.
Also, the Lloyd’s of London insurer Hiscox written premiums rose on reinsurance, retail boost.
It noted that the insurance industry has faced challenges from rising expenses related to soaring inflation and an active storm season, with just the U.S. seeing landfalls from Hurricanes Milton, Beryl, Debby, Francine and Helene this year so far.
READ ALSO: Bode George to Sanwo-Olu: Regulate street trading, don’t treat traders like criminals
and then