Decreasing insurance claims in 2021 bring Beazley back to profitability
For the fiscal year 2021, Beazley greatly improved business operations, risk management, and overall profitability. The company’s claim ratio, or the number of insurance claims as a percentage of premiums earned, declined from 73% in 2020 to 58% in 2021. The combined ratio, measuring losses and expenses as a percentage of total earned premiums, dropped from 109% in 2021 to 93% in 2021. As a result, the company regained profitability in 2021. These trends indicate very high insurance claim rates in 2020, likely due to pandemic upheavals negatively affecting the Healthcare, Reinsurance and Property segments.
Balance SheetIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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