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The insurance trade body has called on governments to increase actions to mitigate risks.
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The carrier also trimmed its retro programme in “challenging” buying conditions.
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The rise accounts for growth in the firm’s specialty auto book.
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Secretary of state Michael Gove claimed the market is “failing some leaseholders”.
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Kevin O’Donnell also said 1.5-point rises in ceding commissions for long-tail line treaties were an “acceptable” increase in acquisition costs, given improved underlying profitability.
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The ratings agency is allowing more time for feedback on proposed changes to assessing insurers’ capital adequacy levels.
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Steve Lawrence and Andrew Whittaker join from European Property Underwriting and will start with immediate effect.
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Fire season in the US ran slightly later than usual in 2021, but total losses will fall far short of 2017-18 peaks.
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The catastrophe market, inflation and loss-costs and the pandemic unwind are among the trends to shape the news agenda this year.
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Inflationary pressure and climate change meant the market effectively gave ground to cedants despite nominal price rises.
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The fires are being fanned by winds of up to 115mph around the towns of Superior and Louisville.
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The country’s insurance industry is also contributing to a flood relief fund.