Hiscox premiums rise on growth in UK and Europe

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Hiscox Ltd (LON:HSX) said it was working with customers and brokers in the UK to pay Coivid-19 claims in line with the recent court judgment as quickly as possible.

A high profile court case recently ruled that business interruption policies were valid when companies were mandatorily closed due to pandemic lockdowns.

The insurer added there was no change to its earlier provisions for the payment of claims for Covid-19 cover following the judgment.

Hiscox added that Covid-19 claims in total are running in line with its previous estimate of around US$475mln net of reinsurance.

Group gross written premiums rose by 6.3% to $1.26bn in the three months to March 2021 with good performances in the UK and Europe offsetting a scaling back in the US.

UK Retail premiums rose by 8.2% (1.8% in constant currency), reflecting strong renewals and growing customer numbers, it said.

Europe, meanwhile, saw a 20.4% rise in premiums led by Germany, Benelux and Iberia.

Hiscox added it had set aside US$47mln net for the North American winter storm Uri.  

Bronek Masojada, chief executive, added: ” The year has got off to a good start as rates continue to strengthen in all areas.

“Our big-ticket businesses are benefitting from improved conditions and strong market positions.

“Our Retail businesses continue to benefit from the shift to digital trading.”

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