Risk and Insurance News + Commentary: Beazley Announces Best Half-Year Merger Since 2015, MAPFRE RE Transforms Beijing Office into Support Branch and More.

The latest developments in news that may affect the insurance industry.

Beazley Announces Best Half-Year Collections From 2015

Private insurer Beazley has announced the results of its financial performance for the period ended in Q2. Profit before taxes 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 notable features were a 26% increase in total payments in Q2 2021 and an 18% increase in renovations compared to 20% in the first half of 2021. at the same time.

“We have remained strong in the second half of 2021 with premiums increasing by 26% over our expectations,” Adrian Cox, CEO of Beazley, said in a press release. “Financial problems have disrupted profits; however, I am pleased that we achieved our best half-year results since 2015.”

MAPFRE RE Converts Beijing Office to Support Branch

Global insurer MAPFRE RE has received approval from the China Banking and Insurance Regulatory Commission (CBIRC) to open a subsidiary office in Beijing. Until now, the MAPFRE Group lender was present in China through a representative office.

Through this new configuration, MAPFRE RE will be in a position to further develop its business in China, where it has been active since the 1980s.

The sponsor will initially have a budget of 500 million yuan (72.5 million euros) and will be led by Ignacio Rodríguez Arteche.

RT Specialty Reveals Environmental Claims and Pollution

RT Specialty’s Environmental and Construction Professional Practice (RT ECP) ​​recently reviewed its business book to examine the causes of many claims that fall under the environmental pollution laws (PLL) and contractor pollution liability (CPL) policies.

An analysis of its PLL portfolio showed that 23% of environmental claims were in the healthcare industry, followed by 18% in property management, and 11% from the oil & gas sector.

In terms of causes, COVID took the lead at 36%, followed by indoor air/parasites/mold/bacteria at 31%, and spills/spills at 24%.

An analysis of his CPL book showed 34% of the claims were in the area with the office of commerce, education, highways, and religion all recording 8% of the claims.

Most of the causes were related to air pollution (30%), loss of chemicals/goods/waste/leakage at the project site (23%) and disruption of existing facilities (20%).

“We studied our insurance book to better understand the market, and to provide agents, brokers and their clients with information and insights that can be useful in making risk management decisions,” said Jeff Slivka, President of RT. The cost of ECP.

A New Risk Management & Insurance Major at UI

A new risk management and insurance major will be offered at the University of Iowa’s Tippie College of Business beginning in fall 2023.

The objective of the program is to strengthen the non-agricultural sector of the state’s economy. Majors will be in Tippie’s Department of Finance and offer a bachelor of Business Administration (BBA) degree.

“The insurance industry is a major part of Iowa’s economy, and the university has a deep history of risk management and insurance education,” said Terri Vaughan, director of the college’s Vaughan Institute of Risk Management and Insurance, named after her father, Emmett. “This is a great opportunity to build on that history and support the future of Iowa’s industry and provide students with successful educational and career opportunities.”

“Every business decision involves risk, so a good understanding of how risk works will help students in any career and provide a solid foundation no matter where they want to go,” said Thomas Berry-Stoelzle, associate professor of economics, Nationwide faculty. fellow, and director of the Vaughan Institute. &