Hiscox’s gross written premium rose by nearly 5% in the first half of the year compared to the same time last year, the insurer says.

The $110 million increase came off the back of growing business in all areas of the company. Net premiums rose from $1.28 billion to $1.31 billion while its combined ratio dropped from 98.8% to 87.9%.

Hiscox also strengthened its reserves to cope with increased industry loss estimates for Typhoon Jebi and Hurricane Michael.

The growth was in spite of a more challenging claims environment compared to last year, says CEO Bronek Masojada.

“Looking ahead, with six consecutive quarters of rate growth in some Lloyd's business, the market is in a better position than it has been for some time. In retail, we will continue to invest in our infrastructure and marketing to drive sustainable growth,” he said.