Economy

Beazley sees earnings hit of about $150 mln from hurricanes, Mexico earthquakes

Beazley sees earnings hit of about $150 mln from hurricanes, Mexico earthquakes”

The company issued a market update on Friday outlining the estimated aggregate costs of claims following Hurricanes Harvey and Irma, which devastated areas of the U.S. and Caribbean, as well as Hurricane Maria which is said to have set Puerto Rico back decades.

Specialist and Lloyd's focused re/insurer Beazley plc has released an early estimate of its aggregate net losses following the impacts of major hurricanes Harvey, Irma and Maria, as well as the series of earthquakes in Mexico.

Beazley said it would provide a further update on November 9, adding that there is still significant uncertainty surrounding the cost of these events.

The underwriter, which provides marine, casualty and property insurance and reinsurance, had reported a pretax profit of $293.2 million for the year ended December 31.

Losses from Hurricane Maria and other recent 2017 natural catastrophes, including Hurricanes Irma and Harvey, the Mexico City earthquakes and other events, have led global insurers and reinsurers to issue profit warnings.

Insurance market Lloyd's of London has begun paying "significant amounts" to those affected by storms Harvey and Irma, and is estimating its total costs for the natural disasters to come in at $4.5 billion (£3.3 billion).

Beazley's warning follows a host of similar announcements from insurers and reinsurers.

HISCOX Lloyd's of London underwriter Hiscox Ltd estimated it would face net claims of about $150 million from Hurricane Harvey and has yet to determine losses from Irma.

Insurers are hoping that 2017's catastrophes will reverse a trend of lowering insurance pricing for natural disasters.



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