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The ratings agency said premium rate increases for specialty lines would be most pronounced in political risk, terrorism and political violence lines because of heightened geopolitical tensions.
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Carriers have been dealing with elevated storm activity this year, whilst additional purchases to match inflating values had largely been parked in 2023.
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The pool was launched in July 2022 and is backed by a A$10bn government guarantee.
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He joins from Allianz commercial where he currently holds the role of senior property underwriter.
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Variations between the casualty and cat markets mean 2024 cat outcomes may be far less uniform than they were this year.
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Sources previously told this publication there is up $15bn of exposure on-risk locally.
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The mood at the association’s annual meeting is vastly more congenial this year, but challenges remain, particularly around long-tail lines.
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The contingency market is monitoring the war between Israel and Hamas for potential loss activity, as well as keeping track on whether it has wider global implications for events, sources told this publication.
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Barrett was previously senior vice president, P&C specialties at Lockton.
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The R&Q share price has plummeted since the sale of the ~$1.8bn-premium fronting arm was announced 10 days ago.
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Up-to-date building codes could reduce the amount insurers pay in the Caribbean by 18%, according to the risk modeller.
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With US third-quarter reporting season being well underway, the results so far highlight further runway for the hard property E&S market.