(Reuters) -British insurer Hiscox posted a rise in premiums written for the first nine months of the year on Thursday, helped by strength in its reinsurance and retail insurance businesses.
The insurance industry has faced challenges from rising expenses related to soaring inflation and an active storm season, with just the U.S. seeing landfalls from Hurricanes Milton, Beryl, Debby, Francine and Helene this year so far.
While Hiscox said its natural catastrophe losses and claims were within expectations for the January-September period, it expects to reserve a net loss of $75 million for Hurricane Milton in the fourth quarter.
Hiscox said the reserve is set aside based on industry expectations of insured losses of $40 billion for Hurricane Milton.
The company, which underwrites a range of risks from natural catastrophes to cyber attacks, kidnappings and art theft, posted a 3% rise in group insurance contract written premiums to $3.87 billion for the reported period.
(Reporting by Yamini Kalia in Bengaluru; Editing by Rashmi Aich)
