Hiscox expects $150 mln hurricane, flood losses, posts strong written premiums
Nov 2 (Reuters) - Insurer Hiscox has set aside $150 million to cover losses linked to Hurricane Ida and floods in Europe, it said on Tuesday as it reported a 6.1% jump in gross written premiums for the first nine months of the year on strong rates.
The Lloyd's of London insurer said it saw rate increases of 13% across its portfolio, with cyber growing at a significant double digit rate. Gross written premiums grew to $3.46 billion for the nine months to September.
Hiscox said it has reserved $110 million for Hurricane Ida based on an insured market loss of $35 billion, and $40 million net for European floods based on an insured market loss of $9 billion.
The company, which underwrites a range of risks, including for events, fine art, classic cars, kidnap and ransom, is coming off a turbulent period in which it lost a high-profile court case brought on by Britain's financial regulator over business interruption policies last year.
On Tuesday, Hiscox stood by its previous net loss estimate from the pandemic of $475 million for 2020 and $17 million for lockdowns this year.
"We have been working closely with customers and brokers in the UK to pay business interruption claims as quickly as possible," said the company, adding it has made final or interim payments to 5,153 insured claimants as at the end of September, a 60% jump on July 30. (Reporting by Muvija M in Bengaluru; editing by Carolyn Cohn)
