Tuesday 02 November 2021 7:41 am | Updated: Tuesday 02 November 2021 12:15 pm

London market boosts insurer Hiscox

ATLANTIC OCEAN - SEPTEMBER 1: In this NOAA GOES-East satellite handout image, Hurricane Dorian, now a Cat. 5 storm, tracks towards the Florida coast taken at 13:20Z September 1, 2019 in the Atlantic Ocean. A hurricane warning is in effect for much of the northwestern Bahamas as it gets hit with 175 mph winds. According to the National Hurricane Center Dorian is predicted to hit the U.S. as a Category 4 storm. (Photo by NOAA via Getty Images)

Hiscox this morning said its gross premiums written for the first nine months of the year is up 6.1 per cent to to $3.46bn.

Its London market did particularly well, with gross written premiums up 7.1 per cent.

Huge weather events continue to play a large part in the global insurance and reinsurance market and Hiscox said it has $110m net reserved for the impact of Hurricane Ida, based on an insured market loss of $35bn and $40m net for the recent European floods, based on an insured market loss of $9bn.

The insurance giant said its net Covid-19 loss estimate for business interruption insurance “remains prudent and unchanged at $475m for 2020”.

Bronek Masojada, CEO, said of the update: “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.”