(Adds details, background, share movement)
May 6 British insurer Hiscox Ltd said it
recorded a "diverse list of losses" in the first quarter,
including a small exposure to the Malaysian Airline
flight MH370 that disappeared nearly two months ago and the
Korean ferry that sank last month.
The industry's damage claim is around $100 million for the
plane, thought to have crashed on March 8 and lost all 239
people aboard after flying thousands of miles off course.
Insurers so far have been reluctant to speculate about the size
of other claims linked to the case.
Hiscox also took a loss from the ferry carrying 462 people
that capsized off South Korea last month, in what could be the
country's biggest maritime disaster in over 20 years.
The Lloyds of London insurer and reinsurer posted a marginal
decline in quarterly gross written premiums to 501.6 million
pounds ($846.1 million), blaming its planned step back from the
reinsurance market where rates continued to decline.
Japanese earthquake rates fell by around 15 percent during
the April 1 renewals. Rates in the U.S. catastrophe market,
already hit by a lull in claims, continued to overreact to new
capital, Hiscox said in a statement.
The absence of major hurricanes in the United States last
year has led to a fall in catastrophe reinsurance rates, which
has been exacerbated by the growing popularity of "catastrophe
bonds" sold by insurers to share risk for natural disasters.
Hiscox shares lost early gains and were down 0.7 percent at
706.5 pence at 0708 GMT on the London Stock Exchange on Tuesday.
($1 = 0.5929 British pounds)
(Reporting by Richa Naidu in Bangalore; Editing by Gopakumar