Hiscox sees profits fall after £128m LA fire claims

INSURER Hiscox has boosted returns for investors despite seeing half-year profits fall after a £128m hit from the "largest wildfire insurance event" ever recorded after January's devastating Los Angeles fires.

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The specialist insurer revealed earlier this year it was expecting claims to reach $170m (£128m) - an estimate which still stands, it said on Tuesday.

The wildfires, which raged in California during the first half of January, have been estimated by some to be the costliest natural disaster in US history.