The MAP Risks division delivered a profitable performance based on strong demand for our specialist product set and the market leading expertise of our team. With a combined ratio of 79% (2022: 78%), IWP for the division decreased by 14% to $964.3m (2022: $1,115.2m) due to the one-off effect of portfolio underwriting premium being directly written by external syndicate 5623 rather than being fronted by the Group.
Beazley's Marine, Aviation, Political, Accident, Contingency and Portfolio underwriting come together in MAP risks. These highly specialist classes are mainly underwritten on a wholesale basis and our expert underwriters are often the market leader."
Geopolitical uncertainty continued through 2023, creating a heightened risk environment and increasing demand for insurance across our terrorism, political risk, contingency, marine and aviation war and cargo lines of business.
Marine
2023 saw us recruit a new Head of Hull and War as part of our Marine underwriting business. Our Marine business is a key component in the smooth functioning of global trade and in our cargo account, which is three times larger than it was five years ago, increasing trade activity following the pandemic and challenges in supply chains have been important drivers of demand, while the team’s focus on the fundamentals has delivered sustainable profits.
Contingency
Our Contingency business continued to benefit from increased demand for events post pandemic. We had expected, after an increase in demand for events immediately after the pandemic in 2022, that 2023 would see a fall back to the typical level of demand that we experienced before the pandemic. It has been pleasing to see that the world continues to be excited by the prospect of attending a face-to-face event.
ESG
Our ESG Consortium is entering the business as usual phase of development, having successfully launched the additional capacity model for businesses that score highly against ESG criteria in 2022. From 1 January 2024 the consortium will continue its growth as part of syndicate 5623.
Energy
Energy demand and use continues to grow alongside an increasing pace of transition away from fossil fuels. Our energy team is actively investing in the fast expanding renewable sector and with the hire of a new Head of Renewable Energy.
Beazley's Marine, Aviation, Political, Accident, Contingency and Portfolio underwriting come together in MAP risks. These highly specialist classes are mainly underwritten on a wholesale basis and our expert underwriters are often the market leader."
