Hiscox UK and Ireland GWP up 2%

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Hiscox UK and Ireland achieved a 1.9% rise in gross written premiums (GWP) to £443.3m for 2015 (2014: £435m).

For the year ended 31 December, the insurer noted that brokers accounted for just under 80% of UK business.

According to the insurer it achieved a retention rate of 87% through the broker channel which grew by 7.6%.

In addition Hiscox noted that it had seen a six-fold increase in demand for its cyber and data insurance product for SMEs.

The combined operating ratio (COR) for the 12 month