Hiscox: Insurers are 'glorified bookmakers'

Robert Hiscox, the founder and outgoing chairman of Hiscox, has said that insurers are little more than glorified bookmakers in an upcoming interview with Intelligent Insurer magazine.

He explains that this is because insurers bet on a bad event not happening and their clients bet that it will.

“It is as simple as that. When you view it in that way, it is an extremely interesting job and also an extremely satisfying one,” he says.

To read the full interview, register for a digital copy of Intelligent Insurer here.