Hiscox sees renewal rates rise by up to 30%
Lloyd's insurer Hiscox this morning said it had seen good rate increases in key areas, especially reinsurance which accounts for over one third of its gross written premium. It added rates for 'peak zone US reinsurance business' rose on average by 15 - 25%, and on regional business by between 5% and 30% depending on claims experience.
In a statement Hiscox said: "The US accounts for over 70% of our reinsurance business and gross written premiums for reinsurance during this period have increased even as we cut back on accounts which
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