HCC Insurance Holdings has predicted its gross loss from Hurricane Katrina to be $160m.
HCC, which mainly deals with energy and large commercial property accounts, estimated the net loss to be in the vicinity of $32.5 million after taxes and reinsurance.
HCC chief executive officer and chairman Stephen Way said: “From an industry standpoint, premium rates will need to rise significantly in these lines of business to reflect both the increased frequency and severity of catastrophic events that have occurred over the past five years.”
