Insurer Hiscox has slumped to a pre-tax loss of $268.5m and admitted it suffered"brand damage" over a court wrangle with businesses making claims after the pandemic forced them to shut.
Chief executive Bronek Masojada said Hiscox regretted the"uncertainty and anguish" caused by the dispute which concluded with a Supreme CourtThe company reported an annual loss as it set aside $475m to cover COVID-19 payouts, relating mainly to event cancellation and the remainder covering business interruption.Hiscox was one of the firms involved in a case in which the Supreme Court forced insurers to pay out on disputed claims worth at least £1.2bn.
Pubs, cafes wedding planners and beauty parlours argued they faced ruin when they were turned down for payouts on business interruption policies prompted by the first national lockdown.Commenting on the case in its annual results, Hiscox said its cover was designed to respond to"local events" rather than"nationwide steps taken to manage the pandemic".
It defended its decision, with other insurers, to appeal an initial high court ruling on the case - intended to bring clarity on around 370,000 policies - and take it all the way to the Supreme Court.
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