Hiscox Insurance Overview
Hiscox Insurance, a prominent player in the global insurance market, specializes in a range of sectors, including aerospace and aviation insurance, as well as private jet insurance. Founded in 1901 in Hull, England, Hiscox has since evolved into an internationally recognized insurer, with a strong reputation for its underwriting expertise, innovative products, and exceptional customer service!
Company History
Hiscox was founded over a century ago by an entrepreneurial group dedicated to providing insurance products to the underserved market of local businesses. As the company expanded, it began offering coverage to a broader range of clients, including high-net-worth individuals, small and medium-sized enterprises, and commercial sectors.
In the latter part of the 20th century, Hiscox made significant inroads into the London insurance market and established itself as a leader in specialty insurance products. The company began to diversify its offerings, entering sectors such as property and casualty, professional indemnity, and, notably, aviation and aerospace insurance. This diversification was crucial during the deregulation of the aviation industry, which presented new opportunities for insurers willing to understand and mitigate the unique risks associated with air travel.
Core Services Offered
Hiscox’s services encompass a wide range of insurance products tailored to meet the needs of various markets:
- Aerospace and Aviation Insurance: Hiscox provides specialized aircraft insurance designed for private jets, commercial airlines, and charter services. Their policies cover liabilities, hull coverage, and passenger insurance, catering to the unique needs of aviation clients.
- Private Jet Insurance: Hiscox offers comprehensive insurance solutions for private jet owners and operators. Their coverage typically includes liability, physical damage, and non-owned aircraft liability, ensuring that clients are protected against various risks associated with aviation.
Additional Services
- Professional Indemnity Insurance: This covers professionals against claims of negligence or inadequate work, vital for consultants, accountants, and other service-oriented businesses.
- Cyber Insurance: As cyber threats have increased, Hiscox has developed robust policies to protect businesses from data breaches and cyberattacks, providing financial cover for various rescue and remediation costs.
- Specialty Insurance: Hiscox also caters to sectors such as art insurance, personal insurance for high-net-worth individuals, and insurance for businesses in niche sectors like wine and events.
Headquarters and Global Presence
Hiscox’s headquarters is located at 22 Bishopsgate, London EC2N 4BQ, United Kingdom. The company operates in multiple countries and maintains offices in various locations across Europe, North America, and Asia. Hiscox is not only well-entrenched in the UK market but also has a significant presence in the United States and continental Europe, serving both personal and commercial clients.
Leadership
The company is led by Asha Sharma, who serves as the CEO. Under her leadership, Hiscox has committed to technological advancements within the insurance space, including leveraging data analytics and artificial intelligence to improve underwriting processes and enhance customer experience.
Recent News and Developments
In recent years, Hiscox has received significant attention within the insurance industry for its adaptive strategies in response to market changes. Notably:
- Growth in Aviation Sector: Hiscox has reported steady growth in its aviation insurance segment. As private air travel increases due to global events and shifting travel norms, Hiscox has expanded its offerings to meet demand.
- Sustainability Initiatives: Hiscox has been active in promoting sustainability within the insurance sector. The company is taking steps to integrate climate risk into their underwriting processes, reflecting a broader industry trend towards environmental responsibility.
- Technology Investments: Hiscox has been at the forefront of utilizing technology for better customer engagement and imnproved efficiency. Investments in digital platforms have allowed for streamlined processes and enhanced service offerings.
- Response to COVID-19: Like many insurers, Hiscox faced challenges during the pandemic, especially concerning claims related to business interruption. The company has worked to clarify its policies and engage with clients transparently during these turbulent times.
Conclusion
Hiscox Insurance stands as a robust entity within the global insurance landscape, known for its specialty practices, particularly in aerospace and aviation markets. With a rich history that has allowed it to grow and adapt over more than a century, Hiscox has positioned itself as a leader with a strong commitment to customer service and innovation!
For businesses and individuals looking for specialized insurance solutions, particularly in the aerospace and aviation industries, Hiscox remains a trusted name, offering well-rounded and comprehensive insurance products that are tailored to their unique requirements. Check out Hiscox’s official website for more insights into their offerings.
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Arwyn Bailey
2 years agoI used to be an IFA and I have always been very cautious of General insurance. When I was on holiday in Chile, many years ago, an expensive zoom lens broke in use. I tried claiming on the travel insurance. There were all sorts of caveats. I was unable to claim. I tried household insurance. As it occurred overseas, there was no cover. Earlier this year I received a renewal notice on my business insurance. It was being increased by a third! I have held business insurance for nigh on 30 years. Not once have I claimed on any insurance. I have deemed it not to be worthwhile. Due to the increases in premium I went to a broker whom I know. He shopped around and arrived at three companies. I discounted one company as being too expensive. One of the remaining two companies was so intrusive in their questioning. They would ask for information. I supplied it, quite readily. They came back with more questions, I supplied that information. They came back a third time. I said to the broker that if this company is going to be this fussy on an application, having given an indicative price only, then they will be problematic in a claim scenario. I asked him to go ahead with Hiscox, partly upon his own experience when his clients have claimed. I did not expect to make a claim, it just so happens that I have had to make my first two claims on accidental damage to equipment ever. On both occasions the process has been seamless. There have been no intrusive questions. I realise that this is not a huge amount in the grand scheme of things, but, to a small business like mine it is the difference between borrowing a stash of money to replace expensive lenses, going bust, or, carrying on with my business with successful claims. I have used specialist insurers in the past, for my own profession, who were selling their services at a trade show. Every year they wanted to know the exact value of equipment; turn over, to the penny, on each individual area of my business; company accounts submitted etc... I fully understand the need to measure risk as actuaries, within a company, but, the issue with that company was that they were not the insurers. They were passing on the risk to a variety of companies. I understand how risk and premiums work. I advised upon this on life and illness cover for almost twenty years. My son-in-law has a degree in actuarial science. Hiscox is the very first company, in my experience of thirty years, that has offered any kind of high level of service. Their level of customer service is exceptional. Thank you to Scarlett Allen who is dealing with the current claim, and to Hannah Rogers for dealing with the first claim. for your prompt replies and client service. I have experienced this high level of service twice, therefore it is no accident and it must be embedded within this company. It is one of the best decisions that I have ever made to choose Hiscox Group as my business insurance provider.
Francesca Baccarella
2 years agoI haven't had to claim anything yet (touch wood) but signing up with Hiscox was very pleasant and easy. When I phoned them to add to my policy they didn't take long to answer the phone and the customer services was really friendly.
Hannah Cott
6 years agoI wouldn't normally review an insurance provider, but from my limited experience as someone who is self-employed, Hiscox provides a good service and are easy to contact when anything needs changing on the policy. They have extended hours so you can contact them outside of normal working hours and they talk it through with you without using jargon or judging you. They're a recognised company and their prices seem reasonable. I haven't had experience of making a claim but they seem to have a quick turnaround so I have no doubt they would be helpful.
Zain Khan
5 years agoDisgusted. Took out money from my account without asking me. The policy is not even mine. Policy holder has a different billing address. And the business is unwilling to refund me the money or to even speak to me in the phone as I'm not the policy holder. Thieves, stay well clear.of them. Sent 5 emails none came back with response. How much more richer will you get from stealing £240 from , goes to show the worth of the business. Stay away from these beggars they will steal your money and ignore you.
David Winston
6 years agoI am a long-term, loyal customer and just received a renewal quote for building and contents insurance. Premium has gone up from £524 to £837, so an increase of 60% having made no claims in the past year. Rang them to investigate and they gave me some flannel along the lines that they’ve recalibrated the way they assess properties for premium calculation purposes and this is what they’ve come up with. It either suggests they were getting it seriously wrong under their old method, or it’s the usual story of screwing the loyal customer in favour of picking up new customers by offering (initially) attractive premiums. It’s a real shame as, whilst they were never the cheapest in terms of premium, they were generally good to deal with and helpful on the rare occasions I had to deal with them. Now it’s plain they are just as greedy and money grabbing as the rest.