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Sept. 22, 2020, 2:43 a.m. EDT

Beazley: Virus claims to double previous estimates

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By Ian Walker

Beazley PLC said Tuesday that it expects Covid-19 claims to be double its previous expectations, based on a return to normality in the second half of next year.

The U.K. specialty insurer said that Covid-19 claims are now expected to be $340 million net of reinsurance, up from $170 million expected in April. However, it said that if there's no return to normality by the second half of 2021 this could be $50 million higher.

Despite these higher claims Beazley said that it continues to see improving growth prospects across its business portfolio, boosted by rate improvements which stood at 13% at the end of August. The company said that it expects overall growth this year to be in the mid-teens, and to be double-digit next year.

Write to Ian Walker at ian.walker@wsj.com

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