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Hiscox says insurance market still deteriorating

Fri, 12th Jul 2019 07:56

(Sharecast News) - Hiscox on Friday said the insurance market had continued to deteriorate from 2018 catastrophes such as typhoon Jebi in Japan and hurricane Michael in Florida, as it forecast first-half pre-tax profits of $150m - $170m (�119m - �135m). The company said the impact of reserve strengthening needed for those events would be around $40m. "The scale of deterioration has been significant, with industry loss estimates having increased materially since these events," Hiscox said in a trading statement. The profit forecast included an estimated investment return of $150m to the end of June, having benefited from further market movements in the second quarter, it added. The group said it expected its combined ratio to be within the normal range of 90-95% at the half year, with growth for the segment in line with the first quarter.

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