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* Social inflation drivers to persist for a while - Beazley
CEO
* There are new risks since the pandemic, says Beazley
(Adds video link)
By Muvija M and Carolyn Cohn
LONDON, Nov 5 (Reuters) - The head of Lloyd's of London
insurer Beazley said on Friday there were rising
litigation risks linked to COVID-19 as economies emerge from the
pandemic and workers head back to the office.
Corporate risk has been elevated since the onset of the
health crisis, Adrian Cox, who took over as Beazley's chief
executive officer earlier this year, said in an interview at the
Reuters Future of Insurance Europe conference.
"There are new risks out there, how do companies manage a
hybrid environment, a mixture of working from home and the
office. How do they manage vaccinations, how do they manage
wearing of masks...these things present new risks for
employers."
"I think drivers of social inflation are here to persist for
a while," he said.
Insurers define social inflation as a rise in the size of
damages awards made by juries.
To see the video, click https://vimeo.com/642689177/9c3a45a609
Insurers have been scaling back the cover they offer
companies in anticipation https://www.reuters.com/article/health-coronavirus-insurance-employment-idCNL8N2P35OL
of a surge in discrimination claims after the lifting of
COVID-19 curbs and the gradual return of employees to offices
after months of working from home.
Cox had previously told Reuters that corporations were
dealing with questions around what could classify as
discrimination as they bring employees back into office
buildings.
His comments on Friday came after the company reported a
surge in premiums written thanks to a steady improvement in
rates, with Beazley's cyber and executive risk business showing
a hefty 48% rise.
However, without giving further details, Cox said there were
some parts of the company's portfolio where rate rises were
tapering off.
For more on the Reuters Future of Insurance Europe
conference please click here https://reutersevents.com/events/insuranceeurope
(Reporting by Carolyn Cohn and Muvija M; Editing by Kirsten
Donovan)
