November 8, 2019 / 7:17 AM / a month ago

Beazley points to worse results after steep claims

Nov 8 (Reuters) - Beazley raised its combined ratio forecast for the year on Friday while also setting aside $80 million to cover claims, wrapping up an expensive quarter for listed Lloyd’s insurers due to hurricane Dorian and typhoons Hagibis and Faxai.

Beazley said it expects its full-year combined ratio - normally the main gauge of profitability for insurers - to be between 100% and 102%. Readings below 100% indicate profitability.

The $80 million reserved by Beazley for payouts on natural catastrophes compares to the $33.2 million set aside by rival Lancashire. Larger player Hiscox earmarked $165 million to cover claims earlier this month. (Reporting by Muvija M in Bengaluru; editing by Patrick Graham)

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