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Lloyd's insurer was optimistic in 2021 after COVID-19 losses



(Reuters) – Next year could be one of the Beazley PLC's strongest in more than a decade, said Lloyd & # 39 ;s of London insurance chief on Tuesday, with the industry likely already absorbing most of its losses from the coronavirus pandemic.

"We hope that COVID-19 claims in general are behind us," said Andrew Horton at the Reuters Events Future of Insurance Europe conference.

"We have written more (insurance) 2020 than we originally thought and we think 2021 will look better. It will probably be one of our best growth years since the early 2000s."

Beazley, who handles six Lloyds syndicates, doubled in September its estimate of damages related to the coronavirus crisis to $ 340 million, with almost all the increased cause of a wave of cancellations of events.

of events.

"There may be some claims coming out of COVID-1

9 that take a while to mature, it will happen in a number of years rather than immediately."

Mr Horton also said that Beazley and others in the market worked with Lloyd & # 39 ;s on a common strategy for fossil fuel insurance.

Lloyd & # 39 ;s, which holds about 100 syndicate members, has been criticized for insuring coal.

The market was "thinking" through how we can be so definitive as possible ”about what it was willing to insure, Horton said.

Beazley does not insure new coal mines, he added.


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