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Many storm losses would be the result of flood, which is not covered by the standard homeowners’ policy. -
Florida specialists have continued to cede more premium to reinsurers, topping $7bn in 2021.
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The casualty ILS platform is building out its team following a Series B fundraise.
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Earlier loss reports suggested the total costs would be much lower – Perils’ first report estimated losses at A$3.99bn, while its second pegged losses at A$4.89bn.
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The reinsurer’s executives forecast further price increases and improvements in conditions across the board for 1.1 treaty renewals.
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The Scor CEO likened reinsurance market conditions to those seen in large commercial primary lines post-HIM.
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The expansive broker has also hired Mario Binetti from Everest Re as head of casualty treaty and actuarial.
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A challenged property cat market is expected to open up more opportunities for ILS growth – but the key question surrounds whether and how fast the market can attract more capital to take advantage of this dynamic.
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Third-party capital is showing “skepticism” over the market while traditional capital will decline this year.
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The broker said 2022 cat bond issuance was likely to match the record levels of 2021.
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Aon’s reinsurance solutions CEO, Andy Marcell, said the loss ratios of treaties managed by the brokerage firm performed “pretty well” in the past 10 years.
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The ratings agency predicts a combined ratio of 95.2% for the companies on its watch this year.
