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Beazley sees COVID-19 receivables double to $ 340 million



(Reuters) – Specialized insurer Beazley PLC claims that claims linked to the new coronavirus pandemic are doubling to $ 340 million, with almost all estimated increases resulting from events interrupted in the wake of a new increase in infection. The shares of the London-based insurance company, whose operations are heavily weighted against the US and the UK, had fallen 15% in their worst record fall at 0707 GMT. still largely unable to function because restrictions on holding events remain, "Beazley said in a trading statement on Tuesday, mainly driven by higher insurance premiums, with a total interest rate hike of 13% at the end of August.

" We estimated a some return to normalcy in September, "Horton told Reuters, adding that he did not expect conferences to resume until the second quarter of next year.

The insurer in Lloyd & # 39; s London said that if this prediction turns out to be incorrect, damages increase by a further $ 50 million net reinsurance.

"The scale of the increase is somewhat surprising and we believe reflects a depletion of reinsurance cover," said analysts at JP Morgan, predicting a reduction in comprehensive income before tax to $ 1

23 million loss of $ 55 million, and did not expect the result to be material can on its numbers. ts and mass collections were interrupted in the wake of COVID-19, if the disturbance from the pandemic lasted more than six months.

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