LONDON, Sept 22 (Reuters) - Specialist insurer Beazley
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.
(Reporting By Sinead Cruise, editing by Carolyn Cohn)