Hiscox chief executive says claims from two hurricanes have already made 2017 one of the worst years for natural disasters

The insured damage caused by hurricanes Harvey and Irma is expected to be $50bn (£38bn) to $70bn, according to the boss of a Lloyd’s of London insurer.

Bronek Masojada, chief executive of Hiscox, said insured losses for Harvey, which resulted in widespread flood damage, were running at $20-$30bn while the cost of Irma was expected to be $30bn-$40bn. Masojada was using estimates from the risk modelling firm AIR Worldwide. A rival risk analysis firm, RMS, estimated insured losses from Harvey could be up to $35bn, which would take the total to $75bn.

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