The Voice of Insurance Ep250: Adrian Cox Beazley: Managing the grey areas consistently well
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Apr 22, 2025 Adrian Cox, CEO of Beazley, leads a top-tier progressive underwriting firm, recently achieving record annual profits. He shares insights on global specialist insurance opportunities, underscoring the importance of innovation in a rapidly changing market. Topics include the rise of decarbonization-related policies, the complexities of geopolitical risks, and the transformative potential of AI in operations. Adrian emphasizes Beazley’s culture of disciplined experimentation and the need for adaptability in meeting evolving client demands.
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Wildfire Risk Management Progress
- The insurance industry has improved wildfire risk understanding since 2017-18 but still confronts underinsurance and public policy challenges.
- Better exposure comprehension helps manage wildfires' insurance impact without surprise losses.
Growing Specialty Demand Amid Competition
- Insurance demand is growing in specialty markets despite increased competition and capital availability.
- Growth is easier in expanding risk pools, especially across US excess and surplus lines and Europe.
Challenges in US Liability Insurance
- Social inflation and plaintiff behavior complicate US liability underwriting, even for claims-made business.
- Underlying causes remain unaddressed, making liability risk uncertainty persistent and difficult to mitigate.