London market boosts insurer Hiscox
Hiscox this morning said its gross premiums written for the first nine months of the year is up 6.1 per cent to to $3.46bn.
Its London market did particularly well, with gross written premiums up 7.1 per cent.
Huge weather events continue to play a large part in the global insurance and reinsurance market and Hiscox said it has $110m net reserved for the impact of Hurricane Ida, based on an insured market loss of $35bn and $40m net for the recent European floods, based on an insured market loss of $9bn.
The insurance giant said its net Covid-19 loss estimate for business interruption insurance “remains prudent and unchanged at $475m for 2020”.
Bronek Masojada, CEO, said of the update: “Hiscox London Market and Re & ILS are performing strongly and we continue to benefit from excellent growth in our Retail digital business. Our capital position is robust. As I make my last quarterly trading statement as CEO of Hiscox it is pleasing to see the business in such good shape.”