Risk & Insurance News + Notes: Beazley Announces Best Half-Year Combined Ratio Since 2015, MAPFRE RE to Convert Beijing Office to Subsidiary and More: Risk & Insurance
Latest news events that could impact the insurance industry.
Beazley announces best half-year combined ratio since 2015
Specialty insurer Beazley has announced its financial performance results for the period ending in the second quarter. Pre-tax earnings reached $22.3 million compared to $167.3 million at the end of Q2 2021.
Its combined ratio was 87% for the first half of 2022, seven points lower than the same period in 2021.
Other metrics of note were a 26% increase in gross premiums compared to Q2 2021 and an 18% increase in the rate on the renewal portfolio compared to 20% in the first half of 2021. The annualized return on equity was 1%, down 14 points from a year ago. at a time.
“We maintained momentum in the second half of 2021 with gross premiums up 26% alongside better than expected claims experience,” Beazley CEO Adrian Cox said in a press release. “A challenging investment environment impacted earnings; however, I am delighted that we achieved our best half-year combined ratio since 2015.”
MAPFRE RE will transform the Beijing office into a subsidiary branch
Global insurer MAPFRE RE has obtained approval from the China Banking and Insurance Regulatory Commission (CBIRC) to open a subsidiary in Beijing. Until now, the reinsurer of the MAPFRE group was present in mainland China through a representative office.
Thanks to this new configuration, MAPFRE RE will be able to advance its commercial operations in China, where it has been present since the 1980s.
The subsidiary will initially have an operating capital of 500 million yuan (72.5 million euros) and will be managed by Ignacio Rodríguez Arteche.
RT Specialty reveals trends in environmental and pollution claims
RT Specialty’s Environmental and Construction Professional Practice (RT ECP) recently conducted a review of its caseload to analyze the causes of many claims under environmental legal liability policies. Pollution (PLL) and Contractor Pollution Liability (CPL).
A review of its PLL book found that 23% of environmental claims were in the healthcare sector, followed by 18% in property management and 11% in the oil and gas sector.
When it comes to causes, COVID was leading at 36%, followed by indoor air quality/microbial material/mold/bacteria at 31%, and on-site spills/leaks at 24%.
Analysis of its CPL book showed that 34% of claims activity in the housing area with commercial offices, education, heavy highway and religious areas all individually posting 8% of claims.
The majority of causes were related to poor air quality (30%), chemical/product/waste spills/leaks at the project site (23%) and disturbance of existing structures (20% ).
“We have studied our policyholder portfolio not only to better understand the market, but also to provide agents, brokers and their clients with the insights and insights that can be used to make informed decisions about strategic insurance management. risks,” said Jeff Slivka, president of RT. PCE.
A new major in risk management and insurance at UI
A new major in risk management and insurance will be offered at the Tippie College of Business at the University of Iowa starting in fall 2023.
The program aims to strengthen the state’s largest non-agricultural economic sector. The major will be housed in Tippie’s finance department and will award a Bachelor of Business Administration (BBA).
“The insurance industry is a major economic force in Iowa, and the university has a long history in risk management and insurance education,” said Terri Vaughan, director of the Vaughan Institute of College Risk Management and Insurance, named after his father, Emmett. “This is a great opportunity to build on that history while supporting the future of Iowa’s industry and providing students with exceptional educational and career opportunities.”
“Every business decision involves risk, so having a good understanding of how risk works will help students in any career and provide a solid foundation in whichever direction they want to go,” said Thomas Berry-Stoelzle, Associate Professor of Finance, Faculty of Nationwide Fellow and Head of Faculty at the Vaughan Institute. &