International specialist insurer Hiscox has today announced an estimate for the impact of Superstorm Sandy.
Although considerable uncertainties still exist around the impact of Superstorm Sandy, the insurer said that based on an insured market loss of $20bn, it estimates net claims of approximately £90m.
Superstorm Sandy hit parts of North America and Canada in October causing destruction of buildings and infrastructure.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Twice a year Hiscox publishes its expected losses for modelled catastrophes including exposure to US windstorm.
The insurer stated that the estimate was within the published range, and was within Hiscox's overall budgeted loss expectations for the year.
MF
-
Barclays begins paying up to £100 compensation to customers after banking outageBarclays will pay up to £7.5 million in compensation to customers after its banking services were disrupted by an IT outage
-
Review: Shangri-La Paris – an ode to the world’s best foodNatasha Langan enjoys fine French and Chinese cuisine at the Shangri-La Paris
