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Hiscox must pay Covid claims after court ruling

Fri, 15th Jan 2021

Hiscox has begun the process to settle hundreds of claims from its business interruption insurance policyholders after its protests were rejected by the UK Supreme Court. In its response, the insurer said that fewer than a third of its 34,000 policyholders are likely to be affected by the decision. Hiscox’s 2020 estimate for costs relating to business interruption claims linked to Covid-19 increased by $48 million, net of reinsurance, in addition to the previously announced additional loss estimate of up to $40 million for events cancelled under government guidelines in 2021. In a statement the company said: ‘The Judgment represents the final outcome of the industry test case, and there can be no further appeals. Hiscox welcomes the clarity that the Judgment provides and the processing of claims has begun.’ The Group will issue a comprehensive update in its preliminary results on 3rd March. At 1:46pm: (LON:HSX) Hiscox LTD share price was 0p at 1042p Story provided by StockMarketWire.com

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