LONDON (Reuters) - Specialist insurer Hiscox (L:HSX) said on Wednesday it expected to pay up to $175 million to settle claims arising from travel, events and mass gatherings cancelled in the wake of COVID-19, if disruption from the pandemic lasted more than six months.
The Lloyds (LON:LLOY) of London syndicate member
Hiscox said a number of UK policyholders had disputed application of their business interruption policies but it reiterated that its core small commercial package policies did not provide cover as a result of government measures taken in response to a pandemic.
"Hiscox recognises these are extremely difficult times for businesses and is determined to help provide greatercertainty for customers," it said in a statement, adding that it would work with regulators and customers to "seek means of expediting resolution through range of independent mechanisms."