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“We can't lose sight of the fact that we are in the business of actually mitigating risk,” the executive said in an interview with Inside P&C.
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Plus all the highlights from the Reconnect conference and the week’s top news.
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The automotive company’s total costs for the recall are expected to eventually tally up to around $1.8bn.
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Ongoing high claims from risks such as winter storm, wildfire or convective storm are playing into the climate-change debate over whether and to what extent cat reinsurers are mispricing their business.
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The portfolio has no active client relationships and was underwritten from 1969 onwards.
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The updated loss estimates come on top of the $14bn to $19bn industry loss range the analytics firm provided last week.
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The quake caused building damage and downed power lines, leaving at least one person dead.
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The executive said a capital-light structure would enable continued investment in underwriting, origination and servicing.
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The reinsurer warns that climate risks could increase average weather-related property cat losses in advanced markets by more than 60%.
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Plus the latest senior executive moves and all the top news from the week.
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The modeller excluded precipitation-induced flood losses from its estimate, which comes in above the $18bn from KCC.
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The majority of those canvassed by Insurance Insider said their gut feel was Ida would represent “another Hurricane Laura but slightly worse”.