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Hiscox warns on eathquake losses
The company said it was setting aside reserves against claims from the Japan quake at the upper end of the $60m-$150m range it indicated last month – citing continued difficulties in reliably estimating the financial impact of the disaster.
Hiscox
The earthquake that struck Japan in March is expected to cost the insurance industry up to $39bn, according to estimates from risk-modelling agencies, making it one of the most expensive natural disasters on record.
Hiscox confirmed that the Japanese quake, together with a run of smaller disasters that struck in the first half of 2011, were boosting reinsurance prices, with the cost of U.S. catastrophe reinsurance cover up by about 10pc.
Hiscox’s estimated £35m hit from the US tornadoes is based on a total industry loss of between $15bn and $25bn, the company said.
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