UK company Hiscox have issued a statement today that their losses from the devastating Chile earthquake could be a whopping £100 million worth.
This follows hard on the heels of a similar joint announcement from Munich Re and Swiss Re that losses for the insurance industry as a whole would likely be $7 billion.
It’s interesting to note that while Munich Re and Swiss Re attested that reinsurance prices would not increase, the Hiscox statement on the other hand notes that reinsurance rates would change.
Munich Re and Swiss Re are just doing a propaganda job here, rates have to change and they know it. But Hiscox admitted it.