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A self-assessment carried out by 10 insurers identified several key failings in exposure management, the watchdog said.
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The charge included the carrier’s $80mn retention and $35mn of reinstatement premiums.
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The insurer takes a $1bn retention on US losses but could have made some reinsurance recoveries.
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Many policyholders are likely to receive larger payouts following the judgement, but a worst-case scenario has been averted.
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Cedants may find past behaviour coming back to haunt them, while brokers should be preparing in depth to achieve simplicity.
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Nearly two-thirds of the Florida claims are homeowners and business claims (272,465), and the remaining are personal automobile claims (151,892).
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The firm said inflation and modelling changes had driven the need for bigger limits.
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The claim will add pressure to an already stressed downstream market facing resurgent loss activity.
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The homeowners’ InsurTech reported that it has received approximately 6,800 claims associated with Hurricane Ian to date.
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The reinsurer said it will be “significantly more challenging” to hit EUR3.3bn 2022 profit target.
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The market is waiting to see if the loss deterioration changes soft dynamics that were developing in the key Q4 all risks renewals.
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The insurer said the estimate represents a 13.9-point impact on its Q3 combined ratio based on earned premiums.