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The impacts of the July floods are coming on top of significant flood losses in other parts of the country in March and April. -
The agreement, which will provide up to $10mn cover per policy, expands the relationship between K2 and Homesite.
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Insurers have received more than 10,500 claims so far in relation to the storms and flooding in New South Wales since 1 July.
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Kiln and UPC partnered to form the insurer in 2018, but it was merged into American Coastal earlier this year
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Carriers have received more than 8,000 flood claims since 1 July.
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Peter Kiernan replaces Simon Penney, who is moving to an analytics role.
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In the last 24 hours, more than 35,000 people have been evacuated or asked to prepare to do so.
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Sources say investor capacity may be returning to the market, but hurricane season could “make or break” the market.
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Rate increases are now universal in the property cat markets, the Gallagher Re executive said.
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Australia and Florida buyers faced capacity problems as inflation drives up pricing.
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The property reinsurance market may be fast approaching a true ‘hard’ market, the broker said.
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Pricing has settled at the top end of the reinsurer’s original guidance.
