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          <h1 class="hero__title">Hiscox reveals Hurricane Harvey liability</h1>
          <p >Lloyds of London insurer Hiscox sees losses from Hurricane Harvey of $150m, but forecasts rising premiums following a year of large catastrophe losses. However, competition remains tight </p>
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                  <img src="https://www.charles-stanley.co.uk/sites/www.charles-stanley.co.uk/files/20130910white10-2.jpg" alt="Garry White" height="48">
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                  <h2>by <a href="/News_Features_Research/Search/Author/Garry_White">Garry White</a></h2>
                  <span class="published"><a href="/News_Features_Research/Search/Category/Companies_and_Markets">Companies and Markets</a> - <span id="articledate">18th Sep 2017 11:15am</span></span>
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         <p>This morning, Hiscox revealed that losses from the damage caused by Hurricane Harvey will be $150m, around £110m. The company expects to update on losses from Hurricane Irma when it knows the extent of its liabilities.</p>
<p>“2017 will be an expensive year for natural catastrophes but the industry can cope,” chief executive Bronek Masojada said. He also hinted that there may be some sort of silver lining for the industry, with the potential for premium prices to rise.</p>
<p>“Insurance remains a cyclical business and after a long period of price reductions, insurance rates in the affected areas and in specific sectors such as large property are likely to increase,” Mr Masojada said. “In the wider global insurance market for large risks, we expect rates to stabilise and begin to increase.” </p>
<p>Hiscox has been reducing its involvement in sectors such as marine, energy, aviation and large property accounts in London, while increasing its exposure to flood, general liability and cargo. Across the insurance industry, premiums have been under pressure due to new players entering the market.  The company has also been increasing its exposure to retail insurance, which has now grown to about half of its gross written premiums.</p>
<p>Mr Masojada noted that the downtrend in premiums – and therefore on margins – could be coming to an end following the large payouts in catastrophe this year. This has historically been correct, but the degree of competition in the markets could mean that the fair wind behind pricing is much weaker following these storms. It could actually take a number of large events in order to provide an inflexion point in premium pricing, given the competitive backdrop.</p>
<p>The company also said recent events had highlighted the lack of flood cover for large parts of the US market, where Hiscox has been increasing its exposure. This could also prove a benefit to the group should it cause an increase in companies and individuals seeking such cover.</p>
<p>Hiscox released interim numbers at the end of July, which showed underlying pre-tax profits rising 12.5% to £133.5m.</p>
<p>Hiscox reports its results in sterling but around 60% of its revenue is earned in dollars whilst sterling accounts for about 50% of its cost base so the group is negatively exposed to a weakening US currency. Nevertheless, the shares are up by more than 20% this year, rallying after the results. But since the start of the hurricane season the share price has been falling.</p>
<p>In order to cause a meaningful rise in premiums, losses may have to be greater than currently expected. But the storm season is far from over, with a number of other tropical storms forming. But whichever way the wind blows on premium prices, it is likely to take some time to ascertain the direction.</p>
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