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Hurricanes to cost $200bn

Lloyd’s of London CEO, Inga Beale, has warned that the string of storms battering the US and Caribbean this autumn could cost the insurance sector $200bn.

But in an interview with the Sunday Times, she said the huge costs of the damage could benefit the insurers in the long term.

“We had Harvey, which was an unusual type of storm with masses and masses of flooding. Then we have Irma, which we have said could cost $131bn, and then if you’ve got Jose and something else coming in behind it, you could end up with a series of events that could total $200bn.”