Company also admits it suffered some ‘brand damage’ because of court wrangle
The Lloyd’s of London insurer Hiscox has swung to a loss after paying out $475m for cancelled events, business interruption policies and other claims related to the coronavirus pandemic.
Admitting it had suffered some “brand damage”, the company, which insures anything from oil rigs to paintings, classic cars and businesses, struck an apologetic tone after disputes last year with a number of firms over whether their business interruption cover should pay out for the pandemic. Such policies are a key part of commercial insurance cover that pay out if a firm cannot trade as usual owing to an unexpected event.
