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As Floridian insurers gear up for their mid-year reinsurance renewals, multiple issues are set to make it another challenging year for both sides.
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Trading data showed the market delivered on liquidity in the midst of the pandemic panic.
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As some in the market believe the winter claims will remain notably below $20bn, there are multiple factors creating challenges in assessing the event.
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Some pointed to low average costs to fix burst pipe claims, while others warned that BI could drive up losses.
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Aggregate cat bonds and quota shares may be exposed although the loss would typically be expected to skew to the traditional binders and insurance market.
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While uncertainty over Covid may limit early commutations, isolated deals may have been struck, as 2017 contracts in some cases remain open.
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One estimate suggested around $2bn of new capacity in private deals.
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Fenchurch Law partner suggests "aggressive" initial claims adjustments will be unwound and the reinsurance context will need specific consideration.
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Returns have disappointed some institutional investors, but prospective rates may attract fresh investment, sources said.
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The sector has received a post-Covid boost heading into January, with strong interest in liquid cat bonds, but challenges around structures, pandemic exposures and lifting ESG commitments will remain.
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Specialist AuM rose 3% over the half year to 1 January, with Leadenhall, Fermat and Hudson Structured the biggest gainers.
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On an annual basis, lawsuits were 1% up on 2019 despite success in cutting back AOB cases.