Beazley has been described during a recent roundtable as having achieved good rate increases across all classes, platforms and territories during H1 2021, with most significant hardening in cyber in response to ransomware.
Ransomware, and cyber crime more generally, was described as both a societal as well as an insurance issue.
Beazley welcomes the attention it is attracting at the highest levels and take very seriously the significant contribution we can ma
While the cyber insurance market continues to battle against ransomware claims Beazley execs say the frrm is making progress in its fight against the underlying causes of losses, and is positively impacting claims frequency.
Emerging data on business written since October 2020 suggests that claims frequency is 20% lower by policy count. Further, when comparing frequency to premiums, the reduction is around 50%.
Beazley also described how it’s maintaining its emphasis on tackling the proximate cause of these losses by expanding risk management services and working with clients to build resilience and reduce exposure.
The gross premium written of Beazley’s Cyber & Executive Risk business hit $548.8 million an increase of 31%, shaped by ongoing rate increases of 44% across the portfolio.