Regret: Hiscox boss Bronek Masojada
The boss of Hiscox regrets the ‘uncertainty and anguish’ of small businesses when the insurer refused to pay business interruption claims last year.
As it revealed its full-year results, Bronek Masojada said it was important to ‘learn from this experience’ – but stopped short of an apology.
Hiscox refused claims from small companies forced to shut during the first lockdown.
It said its policies were not designed to cover a nationwide pandemic, which left hundreds of customers whose revenues fell off a cliff on the brink of collapse.
Eventually, the Supreme Court ruled that most customers would be due a payout.
Masojada said: ‘The most important lesson is the need for clarity in wordings, to ensure intent is properly reflected in the policy detail.’
He said Hiscox ‘has undoubtedly suffered some brand damage this year’.
It fell to an £192million loss, from an £38million profit the year before, after setting aside £340million for Covid-related claims.
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