LONDON (dpa-AFX) - Beazley plc (BEZ.L) expects that the overall growth for 2020 will be in the mid-teens. It continues to see improving growth prospects across its portfolios of business. It is primarily driven by continuing rate improvements, with an overall rate change of 13% at the end of August, the company said in a statement on Tuesday.
Looking towards next year, the company expects rate improvements to continue, and is again planning for double digit growth in 2021.
The company said that its total estimate for first party Covid-19 claims has moved from US$170 million to US$340 million net of reinsurance, with almost of all of the increase caused by further event cancellation losses. The revised figure assumes a resumption to some form of normality in the second half of 2021.
The company announced in April its estimate of the cost of Covid-19 claims for its first party business to be around US$170 million net of reinsurance. It had made a number of assumptions including that events would resume in September this year which would lead to a normalisation in the levels of contingency claims. Given the evolving status of Covid-19 the company no longer expects this to be the case.
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