Hardening rates help Hiscox in Q1

Insurer Hiscox said strong growth in its Hiscox London Market, Hiscox Europe and direct and partnerships business helped it achieve grows written premiums of around £904m in Q1 this year, up 6.3% on the same quarter last year.

In its trading statement, the carrier said: “Rate momentum continues to be favourable across all Hiscox businesses. Hiscox London Market achieved a further aggregate rate increase across the portfolio of 13% year-on-year, building on the significant rate increases over the past three years.

“Rate improvement has also continued in Hiscox Re & ILS, with an average increase of 10% across the portfolio.”

It added: “In Hiscox Retail, rates are increasing across all regions, with professional indemnity and cyber delivering the strongest growth. Hiscox UK has achieved an average 5% rate increase on the prior year. Hiscox Europe saw annual rate increase of 2%, with the strongest momentum in Ireland, France and Spain.

“Hiscox USA benefitted from a 5% increase on Q1 2020 driven predominantly by the broker channel, as pricing in the US excess and surplus lines market continues to harden.

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