Figures for the nine months to end-September from Lloyd's insurer Hiscox (HSX) revealed growing pressure on reinsurance premium rates - these fell 10 per cent year-on-year. That significantly reflected an absence of capital-consuming catastrophes in the period amid a relatively benign claims environment, leading to increased competition.
Premium rates also fell marginally at the group's aviation and upstream energy accounts. Although other business lines are doing better - US property, marine liability and US casualty lines, for example, saw rates rise 5 per cent. As bond yields have risen and interest rates remain low, Hiscox's investment book remains under pressure, too - the investment return to end-September was a fairly slender 1.5 per cent.
