Hiscox puts $13 million aside for Lurssen fire

Insurer Hiscox released its quarterly figures on November 5 highlighting a “Large marine loss for $13 million.”

Hiscox have confirmed that the loss refers to the fire at Lurssen superyacht shipyard in Germany. The fire broke out on September 17 2018 involving nearly 500 firefighters. The emergency was eventually brought under control the following day, but the damage to the yard and an incomplete superyacht were extensive.

It is estimated that the total loss facing insurers could be as much as $720 million. Hiscox have advised that the $13 million has been placed in reserve while the investigation into causes continues.

Hiscox has faced a difficult year following hurricanes Florence and Michael in America.

Bronek Masojada, chief executive of Hiscox, said: “We have had strong growth, but as the market remains challenging, we will remain disciplined, and I expect our growth to moderate over the balance of the year.”