3 August 2020News

Hiscox slumps to a loss for the first half of 2020

Hiscox made a pre tax loss for the first six months of 2020, but insisted it remains well positioned to capitalise on the opportunities ahead in all the segments and markets it operates.

Hiscox made a loss before tax of $138.9 million for the first half of 2020. It made a profit of $168 million in the same period of 2019.

The group’s combined ratio ballooned to 114.6 percent for the first half of the year, having been a healthier 98.8 percent in the first half of 2019.

Gross written premiums were $2.23 billion in 1H 2020, compared to $2.34 billion in 1H 2019.

Bronek Masojada, Hiscox’s chief executive officer, said: “The dedication of our people around the world has enabled the business to respond to the challenges of this global pandemic and to deliver a resilient performance.”

Hisco’x investment in technology has paid off in all areas and supported its growth in Hiscox Retail and Hiscox London Market, Masojada said.

“Our long-held strategy of balancing volatile big-ticket risks with our more steady retail earnings in the US, UK and Europe provides both stability and opportunity,” he added. “We are well positioned to capture the opportunities ahead in all our markets and in all our segments around the world.”