Hiscox points to 6% rise in gross premiums written

10:55, 2 November 2021

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Hiscox has seen strong growth in retail digital business – Photo: Shutterstock

Hiscox, the international specialist insurer, saw group gross premiums written rise 6.1% to $3.46bn for the nine months to end of September.

Hiscox Retail gross premiums written were up 5.9% (1.4% in constant currency), while within Hiscox Retail there was continued strong growth in Digital Partnerships and Direct (DPD) business, with gross premiums written up 19.3% (15.8% in constant currency).

US DPD continued to perform strongly, growing 26.6% to $326.9m.

Hiscox London Market continued to benefit from aggregate rate increases across the portfolio, with gross premiums written up 7.2%.

Catastrophe provision

The insurer pointed to $110m net reserved for Hurricane Ida, based on an insured market loss of $35bn, and $40m net for European floods, based on an insured market loss of $9bn.

Hiscox said the non-catastrophe loss experience across the group remained favourable.

The group’s net Covid-19 loss estimate remains unchanged at $475m for 2020 and $17m for the lockdowns announced in 2021.

Commenting on the latest numbers, Bronek Masojada, group chief executive officer, said: “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.”

The Hiscox stock price slipped slightly in late-morning trading – down 0.52% to 844.20p ($11.51).

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