Hiscox has announced a pre-tax loss of $269 million in 2020, largely driven by $475 million worth of Covid-19 claims relating to event cancellation and business interruption.

The end-of-year financial statement also addressed legal disputes the company had about whether its business interruption policies should cover losses driven by coronavirus restrictions.

In January, the UK Supreme Court decided that many of the claims should be paid by Hiscox.

“We clearly regret the uncertainty and anguish that the dispute has caused to our customers, so it is important that we learn from this experience,” said Bronek Masojada, chief executive, Hiscox.

The chief executive admitted that the company had “undoubtedly suffered some brand damage.”

“While I was reassured that net customer numbers in the UK remained stable in 2020, the route to restoring our brand is the same one which created it; providing flexible insurance cover to meet each customer’s needs, paying each claim fairly and quickly, and doing this all with good customer service,” he said.

Share Story: