Hiscox points to 6% rise in gross premiums written

10:55, 2 November 2021

Share this article

Have a confidential tip for our reporters?

Hiscox marketing brochures
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).

Read more: Financial sector to play key role in achieving Paris goal

Capital Com is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as an investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risk.

Still looking for a broker you can trust?


Join the 380.000+ traders worldwide that chose to trade with Capital.com

1. Create & verify your account

2. Make your first deposit

3. You’re all set. Start trading