Beazley sees premiums rise after year of disasters

Beazley expects double-digit premium growth this year as the insurer emerges from a year when hurricanes, earthquakes and fires battered its profits.

Pre-tax profit for the year to the end of December fell 43% to $168m (£121m) as Beazley paid out more than $110m in cash advances and claims settlements.

The Lloyd’s of London insurer said after a long period of depressed premiums due to competition and a lack of catastrophes rates were now on the rise. Gross written premiums rose 7% to $2.34bn last year.

“Beazley achieved an underwriting profit in 2017, a year in which hurricanes, earthquakes and wildfires generated heavy claims for the insurance industry ... Looking ahead, we see potential for double digit (premium) growth in 2018,” chief executive Andrew Horton said.