Beazley grows cyber book by 14%

Beazley grew its cyber insurance book by 14% in the first half of the year despite falling rates.

In the six months to June 30, 2023 the company wrote $539.7m of business in its cyber risks division, against $472.7m in the six months to June 30, 2022.

Beazley said the Cyber Risks division “performed well” in the year to date despite a “slight reduction” in rates.

Beazley added: “The headwinds experienced in the first half of the year relating to war wordings are beginning to recede, although the market remains competitive. We are confident in the long term growth prospects for cyber, particularly in Europe which provides a significant opportunity and continued to perform well in the first half of the year.”

The 14% growth in the cyber division was in line with the overall growth of the Beazley book, which saw gross written premiums increase 13% to $2.89bn year over year.

Chief executive Adrian Cox said: “The excellent conditions in the property market persisted into the second quarter and we continued to take advantage of those, delivering a strong performance on growth for the group in the first half of 2023.

He went on to say: “With premium written in line with our expectations, we are confident of delivering our growth guidance for the year."