Hiscox Sets Ambitious Retail Growth Goals for 2028
Specialist insurer Hiscox has laid out bold plans to deliver sustainable and compelling shareholder returns, with a strong focus on expanding its Retail segment. Speaking at its recent Capital Markets Day, the company announced a target of achieving double-digit premium growth in Retail by 2028, driven by an increasing share of a broad and growing serviceable addressable market.
Hiscox Eyes $317 Billion Addressable Market
Investor day served to emphasize the scale of the opportunity within Hiscox’s $317 billion annualised target addressable market. The company plans to tap into this vast potential by deepening its presence in specialist niches, entering new market sectors, and expanding distribution through alternative channels.
In addition, the company aims to broaden its product portfolio and strategically expand into new geographic regions—initiatives designed to enhance global reach and grow its customer base.
Hiscox Transformation Strategy to Fuel Efficiency and Expansion
During the event, the company detailed enhancements to its ongoing transformation programme, which is aimed at unlocking further growth and improving operational efficiency. The company projects these efforts will deliver $200 million in annualised profit and loss (P&L) benefits by 2028, using 2024 as the baseline year. This transformation initiative will require an equivalent $200 million investment over the same period.
A significant share of these benefits is expected to be realized within the Retail segment, particularly through improved claims handling and better control of both attributable and non-attributable costs.
Hiscox Commits to Profitability and Strong Retail Margins
These strategic efforts reflect Hiscox management’s confidence in its ability to sustain profitability within a targeted undiscounted combined ratio range of 89% to 94%. At the same time, the insurer expects to drive margin improvement in Retail while continuing to fund growth and innovation across the business.
Hiscox Reports Premium Growth in Q1 2025
In a separate update, the company reported a 2.4% year-on-year increase in Group written premiums, reaching $1.6 billion for the first quarter of 2025. This growth was primarily fueled by strong performances in both the Retail and London Market divisions, partially offset by a decline in the Reinsurance and Insurance-Linked Securities (Re & ILS) business.
