StockMarketWire.com - Insurance company Hiscox said gross written premiums grew 15% in the third quarter of the year, thanks to rate improvement and growth in customer numbers.

For the three months ended 30 September 2020, premiums grew by 15% in constant currency and grew 2% to $3,262.4 million year-on-year, driven by rate improvement and growth in customer numbers across the business.

Hiscox has reserved $75 million net for catastrophe claims in the third quarter, which included claims from 'Hurricane Laura based on an insured market loss of $8 billion, as well as claims under aggregate reinsurance policies, provisions for wildfire claims and some large individual risk losses,' the company said.

There was no change to the group's previously-disclosed estimates for claims related to COVID-19, which total $387 million net of reinsurance.

Hiscox London saw aggregate rates up 18% year-to-date in the third quarter, Hiscox Re & ILS grew 12% and Hiscox Retail rates added 7%.

The overall claims experience for Hiscox London Market had been in line with expectations, despite 'the active wind season and some large market losses earlier in the year,' it added.










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