(Reuters) – On Thursday, Lloyds in London's insurance company Beazley PLC reported a 16% increase in gross premiums in the first quarter, as higher interest rates for its insurance policies compensated for a rise in receivables in some divisions.
Insurers have been struggling to raise prices due to strong competition, but Beazley said it had seen the chance of raising premium prices after a series of cross-industry disaster claims led to heavy bills in 2017 and 2018.
Beazley's risk assessment for cyber and CEOs rose 19%, driven by the growth in their cyber industry. Cyber insurance is often cited as a growth opportunity for Beazley with significant growth in recent years.
"This strong beginning of the year in an improved assessment environment would allow the business to reach double-digit growth again in 201
Beazley, providing accident and property, cyber and political risk insurance, said that gross premiums increased to $ 731 million for the three months ending March 31, from $ 631 million the year before.
However, it said its marine, real estate and reinsurance business continued to be affected by "higher than normal levels" of receivables.
The company, which also started operating through Lloyd's Of London's Brussels hub this year, reiterated that it was well prepared for Britain's impending departure from the European Union.