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Fitch: Catastrophes in US, Mexico to lead to London insurance market price hikes

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Fitch: Catastrophes in US, Mexico to lead to London insurance market price hikes

Fitch Ratings said Oct. 12 that the damage brought about by recent catastrophes in the U.S. and Mexico will lead to a price hike within London market insurers' loss-affected lines.

Independent catastrophe modeling firm RMS has estimated total industry-insured losses from hurricanes Irma, Harvey and Maria at between $75 billion and $120 billion, Fitch noted. Earthquakes in Mexico have also contributed to losses for insurers.

The agency expects London market insurers' 2017 earnings to be "significantly reduced from 2016" and the combined ratio for the Lloyd's of London market to be "significantly above 100%."