Reinsurance
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Hot and dry weather conditions increase the challenges as Dixie and Caldor near full containment.
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The founder said that taking a perpetual ownership approach rather than having an eye on exits would create better underwriting returns.
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The storm has dumped more than nine inches of rain on the city of Houston and risks further damage to Ida-hit properties.
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The modelling firm’s wind and surge losses remain at $17bn-$25bn.
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Recently one of my colleagues argued that it was time for a “bonfire of PMLs”, as the past five years have shown that the industry has seriously underpriced the kind of $10bn-$20bn loss events that have been happening since Harvey, Irma and Maria landed in 2017.
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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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