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The law would make it harder for attorneys to use contingency risk multiplier fees.
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The CEO said the company was only prepared to deploy capital if increases were sufficient.
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Bruce Lucas said the decline was “pretty material”.
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The Florida carrier makes no reserve strengthening in the final quarter after responding to Irma loss creep in the July to September period.
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The carrier said the charge mainly stems from non-core business, including $5.5mn from commercial general liability.
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Most claims emanate from Germany, France and the UK.
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Reinsurers have been keen to paint a picture of gains on the horizon in their analyst calls after their January renewals reports.
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Bushfires losses still dwarf claims from the other five major events to afflict Australia since October.
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Chaucer leads the standalone cover, bought after the Chilean retailer’s property policy excluded the risk.
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Property, aviation and marine cargo were among the fastest risers.
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The carrier said rates were not responding adequately to claims and loss creep.
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Current rules allow lawyers in some insurance cases to collect up to 30 times what an insured is awarded for a claim.