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Insurer Beazley slips into underwriting loss as catastrophe costs jump
London-based specialist insurer Beazley said this morning that it would slip into an underwriting loss for the year, as the company set aside $80m million to pay out catastrophe claims. The group also reiterated its pandemic-related loss estimate.
“Our initial estimate of the costs of the third quarter catastrophe events including hurricanes Laura and Sally and the wildfires in California is approximately $80m net of reinsurance and reinstatement premiums,” the company said in a statement.
Beazley which in September doubled its claims estimate related to the coronavirus crisis to $340m, said it expects a full-year combined ratio of around 110% versus the 100% it had forecast in July. A level below 100% indicates an underwriting profit.