Beazley doubles COVID-19 claims estimate

Beazley has doubled its estimate for first party COVID-19 claims from £137m to £274m net of reinsurance.

In a trading statement to the market, the insurer said: “As our book of business is heavily weighted to the US and UK, with the largest segment being conferences, our clients are still largely unable to operate as restrictions on holding events persist. Conferences that were postponed earlier in the year are now being cancelled as are ones due to take place in the final quarter of this year which means our loss estimates have increased. In addition, we anticipate further claims based on our exposure for events in 2021.”

It added: “This revised figure assumes a resumption to some form of normality in the second half of 2021.”

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