Beazley posts Q3 2021 buying and selling outcomes

0

GWP Q3 2021

GWP Q3 2020

% increase decrease)

Year to date price change

$ m

$ m

%

%

Cyber ​​and leadership risk

991

686

44%

48%

marine

283

256

11%

9%

Market facilities

145

96

51%

fifteen%

Political, Accident & Contingency

231

205

13%

6%

property

435

354

23%

10%

reinsurance

207

192

8th%

13%

Special lines

979

745

31%

fifteen%

total

3,271

2,534

29%

23%

The insurer stressed that its GWP is higher than expected over the period and that while rates have increased across all businesses, the main drivers of premium growth are Cyber ​​& Executive Risk and its Specialty Lines division.

Looking at the Cyber ​​& Executive Risk division, Beazley said the 48% increase in GWP is mainly being driven by cyber situations, where rates continue to exceed expectations. In the Specialty Lines division, however, the company benefited from the persistently tough market with particularly good rate increases within the international financial lines. The transportation, property and reinsurance businesses continue to develop as expected in terms of growth and pricing.

“The emergency market remains in relative flux due to COVID-19 and growth in our PAC division is slightly below expectations,” Beazley said in his trading update. “We expect a more predictable environment by early 2022.

Entitlement update

Beazley plc’s first catastrophe loss estimate for the third quarter is $ 125 million, net of reinsurance, including an early estimate of $ 85 million related to Hurricane Ida and $ 40 million for the floods in Europe . The insurer said the reduction in the frequency of its ransomware claims continued into the third quarter of 2021 after remedial action had been in place since October 2020.

Beazley stated that its total natural disasters this year exceeded the relevant catastrophe margins in its reserves and that the combined ratio for the full year is now expected in the mid-1990s, assuming claims experience is as expected for the remainder of 2021.

Commenting on the results, Adrian Cox, CEO of Beazley: “I am pleased that the momentum from the first half of the year continues into the second half of the year with rate increases and premium growth that exceeded our expectations. We are still strongly capitalized and well positioned. ”To take advantage of these favorable market conditions.

“I am still looking forward to the opportunity in the cyber market and with our disciplined and prudent risk selection, our market-leading product range and ongoing investments in our cyber infrastructure, we are, in my opinion, in an excellent position to benefit from it.”

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