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Retention levels for reinsurance fell across the different geographies the carrier operates in. -
The insurer disclosed the estimates as it seeks emergency rate hikes from regulators.
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The government’s consultation ended on Friday (7 February).
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The state has seen 11 new entrants into the insurance market, reflecting renewed confidence.
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Brokers and insurers must obtain informed consent from clients for the commissions.
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Reinsurers on portfolios with longer-tail liabilities may withdraw.
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The association has published a six-point plan to lessen red tape on brokers.
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By March, firms must be able to show they can remain within impact tolerances.
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The bodies said that the benefits of diversity and scale would help improve coverage.
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CEO Trevor Carvey said the revision reflected Conduit’s “favourable reception”.
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Reducing duplication of reporting is key, the association said.
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The scheme has been pushed back by three months to 31 March 2025.
