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Hiscox sets aside $ 75 million to pay out disaster claims



(Reuters) – Insurer Hiscox said on Monday that it had set aside $ 75 million for disaster claims in the third quarter and flagged further exposure to incident interruptions if COVID-19 curbs continue into the new year.

Hiscox said it has an additional $ 30 to $ 40 million potential for event disruption, which would be recognized in 2021 if events could not continue.

It retained its previous estimate of pandemic-related receivables of $ 387 million.

In relation to a court decision that some insurers, including Hiscox, had wrongly rejected thousands of business interruptions, the company said it was continuing talks with the Financial Conduct Authority, action groups and other insurance companies to resolve the matter.

The FCA, a customer action group and the six responding insurers have applied for leave to appeal to the Supreme Court. the frequency of natural disasters, with the most active North American wind season on record and another significant wildfire season in California.

Gross premiums increased by 2% to $ 3.26 billion during the nine months ended September 30.


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