|Bid||827.20 x 0|
|Ask||828.20 x 0|
|Day's range||810.40 - 830.60|
|52-week range||635.40 - 1,779.00|
|Beta (5Y monthly)||0.39|
|PE ratio (TTM)||48.98|
|Earnings date||03 Aug 2020|
|Forward dividend & yield||N/A (N/A)|
|Ex-dividend date||14 May 2020|
|1y target est||19.90|
Hiscox, QBE and Aviva policyholders can join Britain's markets watchdog in a High Court case to decide which insurers should pay out to businesses shut by the coronavirus pandemic, a judge said on Friday. The policyholder groups would be able to present their views directly alongside the Financial Conduct Authority, which is consolidating the case for policyholders, High Court Judge Christopher Butcher told a hearing.
The Hiscox (LON:HSX) share price has risen by 9.60% over the past month and it’s currently trading at 759.2. For investors considering whether to buy, hold or...
An action group representing almost 400 British businesses shut by the coronavirus pandemic has made a bid to team up with Britain's markets watchdog to bolster a High Court case to decide which insurers should pay out. The Hiscox Action Group on Wednesday formally applied to "give victims a voice" in the Financial Conduct Authority's (FCA) test case, that will pitch the regulator against eight insurers and see a London judge pore over selected insurance policy wordings. The FCA turned to the courts after small businesses, from restaurants to leisure groups, said they faced ruin after attempts to claim millions of pounds collectively in compensation for lost business were rejected by insurers.
(Bloomberg) -- Insurers are set to argue against paying out fully on claims made by businesses forced to shut because of the pandemic, saying that shops in Sweden lost money even without a strict lockdown.The strategy was raised at the first case management hearing Tuesday in the Financial Conduct Authority’s London lawsuit seeking clarity on the limits of business interruption insurance amid the coronavirus crisis.Lawyers for Hiscox Ltd. and other insurers said Sweden is an example of a country where no firm lockdown restrictions were implemented, but businesses still suffered. The Swedish example is key to the insurers’ defense because some policies cover losses resulting from government action, but not necessarily pandemics.The court case is one of a number of battles across the world, where insurers and clients are fighting over whether coverage extends to measures taken by governments to halt the spread of coronavirus. In France, AXA SA was ordered by a Paris court last month to compensate a restaurant owner for two months of virus-related losses.“Some proportion of the U.K. businesses’ losses could not properly be said to have been caused by Covid alone,” said Jonathan Gaisman QC, a lawyer for Hiscox. One way that this might be examined is for the court “to compare the situation in the U.K. with that in Sweden.”Sweden, in stark contrast to most other countries in Europe, enforced softer lockdown measures, leading to one of the highest death rates in the world relative to population. Despite the more lenient measures, the country’s economy has taken a hit with Finance Minister Magdalena Andersson estimating the Scandinavian nation is set for a 7% drop in gross domestic product.The FCA trial is due to start in London’s High Court in July and will examine 17 policy wordings and try to establish whether a number of insurers should pay out on business interruption insurance.In addition, other insurers in the case include RSA Insurance Group Plc, Zurich Insurance Group AG and MS Amlin Ltd.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
A small business group has launched a 40 million pound insurance claim against British insurer Hiscox <HSX.L> over disputed cover for business disruption caused by the coronavirus pandemic, it said on Monday. Law firm Mishcon de Reya is representing the group of small business policyholders known as the Hiscox Action Group. The law firm has written to Hiscox to trigger arbitration clauses in nearly 350 contracts, the action group said in a statement.
The Hiscox (LON:HSX) share price has risen by 3.34% over the past month and it’s currently trading at 851.8. For investors considering whether to buy, hold or...
Yvonne Fovargue, head of the All Party Parliamentary Group on consumer protection, said insurers were 'weaselling their way out' of paying on the pandemic.
Insurers including Hiscox, RSA and QBE will take part in a UK test case to decide whether their policies should pay out millions of pounds to companies hit by the coronavirus pandemic, the industry regulator said on Monday. The Financial Conduct Authority (FCA) said last month it would seek clarity from the courts on whether the wording of some insurance policies should provide cover during the pandemic. The FCA said on Monday it has selected 17 examples from business interruption (BI) insurance policies used by 16 insurers, eight of whom were asked to take part in the court case.
Lloyd's of London, Hiscox <HSX.L> and RSA <RSA.L> are among donors to a new British 100 million pound ($121 million) insurance and long-term savings COVID-19 support fund, the Association of British Insurers (ABI) said on Monday. The fund is being set up as insurers like Hiscox and RSA are under attack from small businesses who say their claims for disruption due to the virus have been declined, prompting the Financial Conduct Authority (FCA) to go to the courts for a decision on the issue.
Lloyd's of London, Hiscox and RSA are among donors to a new British 100 million pound ($121.19 million) insurance and long-term savings COVID-19 support fund, the Association of British Insurers (ABI) said on Monday. The fund is being set up as insurers like Hiscox are under attack from small businesses who say their claims for disruption due to the virus have been declined, prompting the Financial Conduct Authority to go to the courts for a decision on the issue. The fund has already received 82.5 million pounds in pledges, the ABI said in a statement, with 20 million pounds of the money pledged so far going to The National Emergencies Trust to support charities tackling the effects of the virus.
Lloyd's of London said its members were set to pay out between $3bn and $4.3bn over the pandemic, putting it on a par with the 9/11 terrorist attacks.
Lloyd's of London is likely to pay out $3.0-4.3 billion in claims related to the coronavirus pandemic and underwriting and investment losses for the global non-life insurance sector could reach a record $203 billion, Lloyd's said on Thursday. "I don't think anyone in our industry has ever seen both happen at once," Lloyd's Chief Executive John Neal told Reuters. Insured losses are likely to total $107 billion, similar to natural catastrophe losses in 2005 led by Hurricanes Katrina, Rita and Wilma and to 2017 including Hurricanes Harvey, Irma and Maria, Lloyd's said.
Britain's insurers should be ready to tap markets for capital if necessary due to uncertainty over the volume of claims in the coronavirus pandemic, the Bank of England's insurance regulator said on Thursday. "What we are asking firms to do and expecting firms to do is to think of different sources of vulnerabilities that might have a financial cost, and their flexibility for action," BoE executive director for insurance Anna Sweeney told a City & Financial webinar.
Britain's Financial Conduct Authority (FCA) aims to get business interruption insurance policies examined by a court as soon as July, a member of a policyholder action group said on Thursday. The Hiscox Action Group, which is seeking to sue Hiscox <HSX.L> over allegations that legitimate business interruption (BI) claims have been rejected during the coronavirus pandemic, held a discussion with the FCA this week, Daniel Duckett said. Duckett, who is a member of the 450-strong action group's steering committee, told Reuters it was the FCA's "ambition" to bring the case before the court in July.
Forcing insurers to retroactively cover business disruption losses from the pandemic could ultimately put financial stability at risk, the International Association of Insurance Supervisors (IAIS) said on Thursday. Eight U.S. states have introduced legislation which would require insurers to pay claims, mainly to small businesses, despite exclusions. Where pandemic risks are covered by a policy, insurers should pay out such claims in a prompt and efficient manner, the IAIS said in a statement.
Britain's Financial Conduct Authority is looking to get business interruption insurance policies examined by a court as soon as July, Daniel Duckett, a member of the Hiscox Action Group of policyholders, said on Thursday. The action group, which is seeking to sue Hiscox over allegations that legitimate business interruption claims have been rejected during the coronavirus pandemic, held a discussion with the FCA this week, Duckett said. The FCA said last week it was seeking clarity from the courts about whether some business interruption policies should provide cover as a result of the pandemic, after policyholders complained their claims were denied.
Lloyd's of London insurer Hiscox on Tuesday said it would raise capital through a share placement amid a potential hike in business interruption claims in the wake of the coronavirus crisis. Hiscox, a leading insurer of small and medium-sized businesses, said besides the placement of new ordinary shares of 6.5 pence each, some directors and senior management intended to subscribe to shares at the placing price. The company added the placed shares and subscription shares would not exceed 19.99% of its existing ordinary share capital.
The FCA said it would seek an urgent court ruling over whether the wording around business interruption covered small businesses.
Britain's financial watchdog said it would urgently ask the courts to clarify uncertainty over the inability of some insurance customers to obtain compensation for disruption caused by the coronavirus pandemic. The Financial Conduct Authority said it was seeking a declaration from the court due to continuing concerns about the lack of clarity and certainty for some customers making business interruption claims, and the basis on which some firms are making decisions in relation to claims. The FCA also set out measures to support consumers and businesses who hold insurance products and who are facing other issues as a result of coronavirus.
Top insurers such as AXA <AXAF.PA>, RSA <RSA.L>, QBE <QBE.AX> and Zurich <ZURN.S> face a potential multi-million pound lawsuit from British pubs, hotels, restaurants and leisure groups, who allege that legitimate business interruption claims have been rejected. A new Hospitality Insurance Action Group (HIGA) on Wednesday issued a "call to arms" to the sector to step forward and have their policies checked for free in the latest move to tackle insurers over their response to the coronavirus pandemic. Lawyers at Mishcon de Reya -- who are already advising a separate action group against Hiscox <HSX.L>, a leading insurer of small and medium sized businesses -- said the hospitality sector had been particularly hard hit by the lockdown.
Top insurers such as AXA , RSA, QBE and Zurich face a potential multi-million pound lawsuit from British pubs, hotels, restaurants and leisure groups, who allege that legitimate business interruption claims have been rejected. A new Hospitality Insurance Action Group (HIGA) on Wednesday issued a "call to arms" to the sector to step forward and have their policies checked for free in the latest move to tackle insurers over their response to the coronavirus pandemic. Lawyers at Mishcon de Reya -- who are already advising a separate action group against Hiscox, a leading insurer of small and medium sized businesses -- said the hospitality sector had been particularly hard hit by the lockdown.
British insurers are likely to pay more than 1.2 billion pounds ($1.5 billion) on claims from businesses and individuals affected by the coronavirus pandemic, an insurance trade body said on Saturday. The estimate includes 900 million pounds for business interruption claims, a record 275 million pounds for cancelled travel and 25 million pounds for cancelled weddings, school trips and events, the Association of British Insurers (ABI) said in response to a request for information from parliament's Treasury Committee. Checking that insurers were treating customers fairly, the committee of lawmakers last month asked how many of the ABI's members had stopped offering insurance or changed the terms of existing products.
Hundreds of British businesses, shuttered by a government lockdown to curb the coronavirus pandemic, have appointed lawyers to take on insurer Hiscox <HSX.L>, saying its refusal to compensate them for losses was putting their future at risk. The Hiscox Action Group said on Thursday it represented more than 200 policyholders with "dozens more joining daily", that discussions with a litigation funder were advanced and that it had appointed Mishcon de Reya as legal adviser. Richard Leedham, a partner at Mishcon de Reya, said he had been instructed to prevent hundreds of British companies from being driven out of business and had been "very surprised" by Hiscox's reaction to date.
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