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Hiscox premiums up 15% in Q3, reserves $75m for catastrophe claims
StockMarketWire.com
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Insurance company Hiscox said gross written premiums grew 15% in the third quarter of the year, thanks to rate improvement and growth in customer numbers.
For the three months ended 30 September 2020, premiums grew by 15% in constant currency and grew 2% to $3,262.4 million year-on-year, driven by rate improvement and growth in customer numbers across the business.
Hiscox has reserved $75 million net for catastrophe claims in the third quarter, which included claims from 'Hurricane Laura based on an insured market loss of $8 billion, as well as claims under aggregate reinsurance policies, provisions for wildfire claims and some large individual risk losses,' the company said.
There was no change to the group's previously-disclosed estimates for claims related to COVID-19, which total $387 million net of reinsurance.
Hiscox London saw aggregate rates up 18% year-to-date in the third quarter, Hiscox Re & ILS grew 12% and Hiscox Retail rates added 7%.
The overall claims experience for Hiscox London Market had been in line with expectations, despite 'the active wind season and some large market losses earlier in the year,' it added.
Story provided by StockMarketWire.com
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