Beazley records 3% rate increase in H1

Beazley saw rates overall rise by 3 percent in the first half of 2018 with the property business benefitting most with prices going up by 10 percent, according to CEO Andrew Horton.

In reinsurance, prices went up by 7 percent while in marine they went up by 2 percent.

The price increases in the first half compare to rate reductions across Beazley’s portfolio by 2 percent in the first half of 2017.

“The extent of price firming for catastrophe exposed lines of business was in line with our expectations,” Horton said.

“Our market was awash with capital prior to the onslaught of last year’s hurricanes, earthquakes, and wildfires and we did not expect to see the dramatic reduction in capacity that some had predicted. By and large, the non-traditional capital providers, who shouldered some of the largest reinsurance losses last year, have maintained their commitment to the market,” Horton noted.

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