Hiscox increases its insurance tariffs
Following the devastating hurricane season that swept through the Caribbean and the Southeastern part of the United States, Hiscox decided to raise its tariffs. The Lloyd's union has increased insurance premiums by more than 50% in hardest hit areas. Its reinsurance partner Hiscox Re is considering raising its rates by 30%.
Hurricanes Harvey, Irma and Maria which occurred in September 2017 are expected to set the entire insurance industry back approximately 100 billion USD in insured losses. Hiscox, on its part, expects to sustain 500 million USD in losses for these events.
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