Mudslide accounts for big slice of Ivan losses

By Adrian Ladbury

A HUGE mudslide caused by water flowing back to the Atlantic after hurricane Ivan hit the coast of Florida could account for 20% to 25% of the forecast $2bn to $2.5bn offshore loss from the event. Richard Watson, director at Hiscox and head of its London market division, told Insurance Day yesterday he believes the total offshore loss from Ivan and the other three gulf hurricanes could reach between $2bn and $2.5bn.