The question of how the coronavirus (COVID-19) pandemic will financially impact the insurance industry will start to become clearer as companies within the sector reveal their Q1 trading statements. Accompanying the release of global insurer Beazley Plc’s trading statement for the three months ended March 31, 2020, a statement from CEO, Andrew Horton, highlighted the unprecedented nature of the events seen in the first quarter and noted that the impact of this pandemic is still being assessed.
For Q1, gross premiums written by Beazley increased by 13% from $743 million in 2019 to $840 million in 2020 while premium rates on renewal business increased by 8%. From January 2020, Beazley’s market facilities business was split out of specialty lines to form a new division which saw premiums increase by $17 million.
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