Hiscox: Sandy will be third-dearest storm
Tuesday 06 November 2012
Hurricane Sandy is on course to become the third most costly windstorm in history, the head of Lloyd's of London insurer Hiscox has warned.
Bronek Masojada said he expected last week's hurricane in the United States to cost the industry "close to $20bn (£12bn)", making it third only to Katrina in 2005 and Andrew in 1992.
He also agreed that the storm had given Barack Obama the edge against rival Mitt Romney ahead of tomorrow's US Presidential election.
"It was a huge event that handed Obama the chance to be Presidential. I'd say it's given him a slight advantage, but what do I know," he added.
Mr Masojada said it was too early to calculate Hiscox's exposure.
He was speaking as the company reported a 6.4 per cent rise in the revenues it took from insurance premiums during the first nine months of the year to £1.2bn.
Analysts say insurers are well equipped to absorb claims from Sandy due to their strong cash reserves. However, the hurricane may affect plans some insurers had to return money to shareholders in special dividends or share buybacks.
- 1 Russell Brand accuses FOX News anchor Sean Hannity of terrorism after aggressive Israel-Gaza debate
- 2 Pope Francis issues top 10 tips for happiness – including don’t try to convert other people
- 3 Arturo Vidal to Manchester United: Midfielder set to force through move to Louis van Gaal's Red Devils - reports
- 4 Disney heiress Abigail disowns her share of family profits in West Bank company
- 5 Israel's propaganda machine is finally starting to misfire
Russell Brand accuses FOX News anchor Sean Hannity of terrorism after aggressive Israel-Gaza debate
Pope Francis issues top 10 tips for happiness – including don’t try to convert other people
Sabina Altynbekova, the girl branded 'too good looking' for volleyball, says social media obsession with her is a 'bit much'
Justin Bieber posts Instagram photo of Orlando Bloom crying after Ibiza fight 'over Miranda Kerr'
Disney heiress Abigail disowns her share of family profits in West Bank company
The secret report that helps Israel hide facts
Land for gas: Merkel and Putin discussed secret deal could end Ukraine crisis
Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
Richard Dawkins tweets: 'Date rape is bad, stranger rape is worse'
Putin is 'thuggish, dishonest and reckless', says British ambassador to US
Boozy, ignorant, intolerant, but very polite – Britain as others see us
- < Previous
- Next >
iJobs Money & Business
£20000 - £24000 per annum: Harrington Starr: A leading provider of web based m...
£28000 - £32000 per annum: Ashdown Group: Secretary (Sales Team Support) - Mat...
Competitive (DOE): Guru Careers: We are looking for an Assistant Management Ac...
£600 - £700 per day + competitive: Orgtel: Senior Investment Accounting Change...