Business

Hiscox reports £192m pre-tax loss in FY20

The insurer saw its gross written premiums of £2.8bn rise slightly from the previous year

Hiscox has reported a pre-tax loss of $268.5m (£192.3m) in its preliminary financial results for 2020, down from a profit of $53.1m (£38m) reported in 2019. 

The loss is considered primarily attributable to the economic downturn resulting from the Covid-19 pandemic.

However, the insurer saw its gross written premiums (GWP) of $4bn (£2.8bn) rise slightly against the previous year.

Hiscox UK posted an increase of 1.3% in GWP to $743.4m (£531m) over the period, with its commercial lines business being singled out for helping the firm’s financial performance.

Bronek Masojada, CEO of Hiscox, said: “Our long-held strategy of balancing big-ticket lines and retail earnings has 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 added: “I would like to thank our employees for their incredible efforts and our shareholders for their support.”

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