StockMarketWire.com - Hiscox swung to a loss as the insurance company was forced to set aside $232m for claims arising from Covid-19.

For the six months ended 30 June, the company reported a pre-tax loss of $138.9m, compared with a profit of $168m on-year and gross premiums written fell 4% to $2.2bn.

The combined ratio rose to 114.6% from 98.8%.

'Hiscox Retail's result has been materially impacted by claims from Covid-19, with claims from event cancellation and abandonment, media and entertainment and other segments including travel falling within the segment,' the company said.

'Following an expected decline in new business written in April and May, as economies were placed on pause by governments around the world, trading improved in June, with non-Covid-19 claims in line with expectations,' it added.

'Across Hiscox, we look ahead to the second half with confidence and optimism. The underlying business is strong.'

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