Specialist insurer Beazley BEZG.L is bracing for claims linked to the novel coronavirus pandemic to double to $340 million, with almost all the estimated increase arising from events cancelled in the wake of a recent spike in infections.
“As our book of business is heavily weighted to the U.S. and UK with largest segment being conferences, our clients are still largely unable to operate as restrictions on holding events persist,” the company said in a trading statement on Tuesday.
The claims rise, which is net of reinsurance, will offset what the firm described as “improving growth prospects across our portfolios of business”, primarily driven by continuing rate improvements, with an overall rate rise of 13% at end-August.
Beazley said it has considered the recent Financial Conduct Authority judgement on business interruption wording and does not expect this outcome to have a material impact on its business.
Latest Stories
-
Appoint the right people to creative arts institutions – Akofa Edjeani to Mahama
2 minutes -
Speaker refers to NPP MPs as ‘Micro-Minority,’ sparks outrage
48 minutes -
NJOA: An ode to Professor Naana Jane Opoku-Agyemang
60 minutes -
Scuffle breaks out during recollation of Ablekuma North parliamentary results
1 hour -
CLOGSAG condemns forceful ejection of civil servants from official residences
1 hour -
Europe will not allow attacks, says France, after Trump Greenland threat
2 hours -
Kejetia traders uneasy about recent fire outbreaks in some markets
2 hours -
KATH Child Health Directorate launches operating standards and antimicrobial prescribing guidelines
2 hours -
We can encourage Burkinabe leader to embrace democracy – Joyce Bawah
2 hours -
‘I cried after watching highlights of Accra Lions’ defeat to Dreams FC’ – Sannie Daara
3 hours -
Free SHS: Let your wards come to school with food – CHASS tells parents
3 hours -
Dear SWAG, where the nation has fallen short, rise to the occasion for Rose Yeboah
3 hours -
Willfully causing financial loss to the state: Expanding the frontiers
3 hours -
Police commend public for cooperation during presidential inauguration
3 hours -
Ayisi kicks off 2025 with ‘New Beginnings’ – A clean slate and a great tune
3 hours