Typhoon hurts insurer

inSurEr Hiscox has been hit by higher than expected damage claims from Typhoon Jebi in Japan.

it said the whole industry underestimated bills from the storm last summer, which killed at least 11 people and caused up to £4.2bn damage. Hiscox expects to be boosted by rising premium prices in its core businesses. it wrote £892m of premiums in the first three months of 2019, up 0.6pc on a year earlier.

it has scaled back in parts of the uS due to losses from wildfires and its uK business, which offers products such as home insurance to the mega-rich, saw growth falter as it is switching to a new computer system. Shares fell 0.5pc, or 8p, to 1620p.