Hiscox in £105m loss after cancelled events and holidays

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Hiscox makes £105m loss after being hit by payouts for cancelled sports events and holidays

By Daily Mail City & Finance Reporter

Published: | Updated:

Hiscox has made a £105m loss after being hit by payouts for cancelled sports events and holidays. 

The Lloyd’s of London insurer said coronavirus had triggered £175m of payouts in the first six months of 2020 – even though it has made the controversial decision not to hand money to thousands of small companies which had taken out business interruption policies, which is being considered by the High Court. 

Under pressure: Chief executive Bronek Masojada said it had been a ‘testing six months’

Though the firm refused to say which cancelled events had caused its pain, Lloyd’s of London insurers typically help to cover major events like Wimbledon and the Olympics. 

Chief executive Bronek Masojada said it had been a ‘testing six months’.

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