Anglo-Bermudan insurance company Hiscox today said it had “performed well” in the previous quarter’s complex trading environment after taking a smaller than expected hit from Hurricane Ian.
Hiscox said it expects to lose $135m (£117m) as a result of the Category 4 hurricane that made landfall in Florida this September – a sum “well within” its modelled range.
The insurer said its losses from the storm – which is set to cost the insurance sector $55bn – are lower than they would have been as a result of Hiscox’s efforts to reduce its own exposure to the “under-priced” Floridian market over the past two years.
Hiscox chief executive Aki Hussain said: “The performance of our big-ticket businesses remains robust after the impact of Hurricane Ian, and improving conditions are presenting new opportunities.”
The firm said its losses from the Ukraine war continue to be in line with previous estimates, as the firm said it expects to pay out $48m on claims relating to the war.
This sum is smaller than it would have been if Hiscox had not exited the aviation hull insurance market in 2018 and pulled out of the political risk/ trade credit business the year before.
The insurance company also said it is continuing to see a drop in the frequency of ransomware cyberattack claims in the majority of its markets, as they increasingly begin to address cybersecurity on a systemic level.