Lloyd's insurer "underweight" exposure to Australian floods

Lloyd's insurer Hiscox is expecting net claims from the UK winter freeze in November and December 2010 of £16m.

This is in addition to freeze claims from January 2010.

However, the company added that its UK household book of business remains on track to make a "healthy profit".

In a trading update, Hiscox said that its position losses from the Australian floods was stil evolving. "However we believe we are underweight in this area," the update said.

Hiscox's combined net loss estimate for last year's Chilean earthquake, winter storm Xynthia and New Zealand earthquake is £115m, of which net claims for the New Zealand event are £37m, based on an industry-wide loss estimate of NZ$6bn.