Analysis

First half financial results littered with Covid-19 complications

By 2020-08-24T11:13:00

financial decline, covid

Insurance Times looks across insurers’ H1 financial results, revealing the initial impact of the coronavirus pandemic on business bottom lines

As the Covid-19 pandemic incessantly continues to rumble on, insurers and brokers have been forced to acknowledge the financial fallout caused by the virus as half year results published last month paint a vivid picture of how Covid-19 has affected profits, losses and reserving measures.

For example, insurer Hiscox – one of the eight insurers that faced the FCA in July’s virtual High Court hearing centred around business interruption (BI) wording clarity – has increased its reserving for Covid-19-related claims from $150m (£114m) to $232m (£174m). This will cover classes such as event cancellation and abandonment, media and entertainment and travel.

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