Hiscox blames COVID-19 for 2020 losses but insists it is optimistic for 2021
Hiscox reported a significant loss for the full year in 2020, which it blamed on the impact of COVID-19, but insisted it is well positioned to capitalise on market opportunities in 2021.
The re/insurer made a loss before tax of $268.5 million in 2020, turning around the $53.1 million of profit earned in 2019.
Gross written premiums for the group held steady at $4.03 billion, the same as the previous year, but Hiscox Re & ILS saw gross written premiums decline to $743.4 million, from $866.5 million 12 months before.
The group combined ratio increased to 114.5 percent in 2020, from 106.8 percent in 2019.
Bronek Masojada, Hiscox’s chief executive officer, said the re/insurer’s strategy of balancing big-ticket lines and retail earnings had provided resilience in 2020.
“In 2021, our priorities will switch from resilience to opportunity as we are well-placed to make the most of the best conditions in the London Market in many years and the structural shift to digital across all our lines,” he said.