(Reuters) – Hiscox has set aside $ 150 million to cover losses linked to Hurricane Ida and floods in Europe, the insurance company said when it reported strong premiums written this year due to rising interest rates.
Lloyd & # 39 ;s of London Insurance Company said. On Tuesday, they saw interest rate increases of 13% across their entire portfolio, with cyber growth at a significant double-digit rate. Gross income premiums increased by 6.1% to $ 3.46 billion in the nine months to September.
Rising ransomware attacks have contributed to a jump in cyber premiums, according to insurance broker Marsh.
one night when someone finds a weakness in a system and can then exploit it, "outgoing Hiscox CEO Bronek Masojada told Reuters.
" So that's the challenge. … How do you react to something where the risks change so quickly? We are happy to provide (cyber) on a controlled basis. ”
Rival Beazley, who has increased investment in cyber insurance, has also said that the business was a major contributor to a total increase of 20% of its premium rates when it reported half-year results in July.
Beazley reports third-quarter results this week.
Hiscox said it set aside $ 1
Hiscox, which guarantees a range of risks, including for events, art, classic cars, kidnapping and ransom, comes from a turbulent period when it lost a noted litigation brought by the UK Financial Supervisory Authority regarding business interruption policy last year. [19659"WehavebeenworkingcloselywithclientsandbrokersintheUKtopayoutbusinessinterruptionclaimsasquicklyaspossible"saidHiscoxaddingthattheyhadmadefinalorinterimpaymentsto5153insuredapplicantsbytheendofSeptemberanincreaseof60%fromJuly30
Mr. Masojada said the insurance company was about "halfway" in paying outage claims.
On Tuesday, Hiscox stood at its previous estimate of the net loss from the pandemic of $ 475 million for 2020 and $ 17 million for shutdowns this year.