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Company management is prepared to lose local court battles but believes it will win appeals, analyst Larry Greenberg noted.
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The agency expects between three and six major hurricanes to hit the Atlantic Basin this year.
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More than half the losses came from two major wind and hail storms.
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Policyholders will have a grace period of up to 120 days before coverage lapses.
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Flood water is commingling with Dow Chemical reservoirs, according to media reports.
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The decision comes after a review of more than 500 policies by law firm Mishcon de Reya.
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The Japanese parent predicts a Covid-19-related drop in fiscal 2021 earnings.
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The weaker international result was driven by deteriorating loss ratios and reserve strengthening in North America.
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The first named storm of the year skimmed the North Carolina coast yesterday, 11 days ahead of the official start of hurricane season.
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Analyst Michael Huttner predicts that rising rates could allow Zurich to recover pandemic losses in just a year.
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The policyholders’ law firm may draw on the Enterprise Act to seek redress for the late payment of claims.
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Hiscox policyholders’ law firm Mishcon de Reya urges insureds to continue to pursue their own claims.