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Inflationary pressure, increased demand and negotiations over attachment points are among the factors that reinsurers believe are ramping up pressure in the catastrophe space.
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Carriers have received more than 8,000 flood claims since 1 July.
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Mitsui, Tokio and Sompo are to split the loss, which will be absorbed by retentions and property XoL treaties.
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The March earthquake that struck Fukushima in Japan will cost $2.3bn.
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Sources described Australia as ‘the new Florida’ while US rates are also on the rise.
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CEO Kathleen Reardon said recent legislative changes are a ‘band aid’ but will help to calm the stressed Florida market.
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The carrier’s move to cement its identity as a specialty (re)insurer could put it at a competitive disadvantage.
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The forecast range of hurricanes is slightly wider than in 2021, but in line with 2020.
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The commercial insurance CEO said that the industry should act now before the cat market reached a point of implosion.
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The proposal is at the upper end of previous proposals put to the insurer’s board.
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An FCA letter to the government suggests various ways to resolve issues around soaring pricing on medium- and high-rise properties with multiple occupancy.
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The carrier has extended the limit to $1.275bn for the year to 31 March 2023.