Hiscox ups Covid reserving in face of ‘largest insured loss in history’

financial loss, coronavirus

Hiscox revised its reserving upwards alongside taking into account potential business interruption payouts; the insurer believes its exposure to Covid-related BI claims could be between £10m and £250m

The insurer had initially set aside $150m for classes including event cancellation and abandonment, media and entertainment and travel, but announced an increase in reserving within it’s half-year results, published on Monday.

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