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Early indications are storm damage is less than feared

Shares in Lloyd’s insurers gained after Hurricane Matthew failed to cause widespread damage in Florida – though analysts say insured losses could still be in the range of $5bn to $15bn.

Insurers potentially impacted by the event include Lancashire (LRE), Hiscox (HSX), Beazley (BEZ) and Novae (NVA).

Reinsurance taken out by these businesses should limit the damage from Hurricane Matthew and early indications are for around a 5%-10% hit on Lloyd’s insurers’ pre-tax profits, say analysts at Stockdale.

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