Strong and Stable Insurance — Beazley PLC

Car crash or Click Random. Which one is worse?


Today we take a look at the fun and exciting world of insurance. 

Beazley Group or Beazley PLC is a specialist insurance company founded in the UK in 1986 by Andrew Beazley and Nicholas Furlonge. The group is also one of the largest insurers for Lloyd’s of London. 

So, who insures the insurance company? And who insures the insurer of the insurance company? And who insures them?!?

Andrew Beazley served as CEO of the company for 22 years, and is credited for having confidence in and bolstering Lloyd’s of London reputation even in the company’s time of loss in the 90s.

Beazley Group offers an array of insurance products, including marine, environmental liability, and data breach insurance, which was of particular note during the recent ransomware attacks. 

They also have coverage for terror related attacks including nuclear incidents. I’m gonna need that insurance money in a nuclear winter, just pay me in bottle caps instead.

Beazley Group deal with political risks as well, which includes “selective discrimination” — maybe some “politician” might have to pay out quite a bit once a certain wall is constructed. Mr. Trump will probably be needing a special insurance named after him to cover any damage to his character from his tweets alone. One word, Covfefe. Media risks are indeed said to be on the rise with the increase of fake news in political coverage.

I also quite liked the sound of their “Loss of Attraction” insurance until I found out it was to do with the “knock-on” effect of terrorism. I was beginning to think they would cruelly rate you on a scale of one to ten before giving you a quote.

Beazley PLC has begun plans to expand into Ireland, as they have secured approval to set up a European Hub in Dublin as a reaction to Brexit in order to maintain access to the European market. See, Brexit is already increasing the prospect of new jobs.

Final thought: I best look into taking out some insurance in case someone or something sues me for slander.

Random Facts

· Britain has the fourth largest insurance industry after China overtook the UK in 2016. Can you guess the two countries with the largest insurance industries? Answer below.

· Beazley Group has paid claims in every continent other than Antartica. Even Father Christmas needs insurance for his sleigh.

Answer

1st: USA
2nd: Japan

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