Disasters hit Hiscox | City & Business | Finance | Express.co.uk
Disasters hit Hiscox | City & Business | Finance | Express.co.uk"
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The quakes, floods in Australia and US tornadoes left the firm nursing first-half losses of £85.6million against a £97.2million profit a year ago and forecast losses of £84.6million. Hiscox
set aside £210million to absorb catastrophe claims in the first six months, versus £110million a year ago. ** CLICK HERE TO CLAIM A FREE COPY OF ONE OF OUR MONEY & FINANCE GUIDES **
Hiscox chairman Robert Hiscox said its insurance prices had risen after the disasters but market prices increased more slowly. He said: “Feast does follow famine in our business.” Broker
Peel Hunt said: “This year is a write-off in terms of financial performance but the benefits in terms of improving rates will be seen in 2012.” Hiscox is expected to edge back into the black
over the second half with analysts tipping annual profits of £11million. Its first-half loss also reflected a £17million payout to cover repatriating clients’ staff during the Libya and
Egypt unrest and a further £11million hit from damage and theft of valuable paintings in Europe.
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