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Axis estimates Hurricane Ida will be a $35bn industry loss event while the European floods – from which Axis expects a $55mn bill – are projected to cost the industry $13bn. -
In a virtual Baden Baden conference, the reinsurer emphasised a push on addressing secondary perils after a high flood loss year.
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The reinsurer aims to become carbon-neutral in operations by 2030, whilst its reinsurance target date is 2050.
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In the newly created role, Bobby Heerasing will be based in Singapore and report to Monica Cramér Manhem, president of international reinsurance.
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The first pieces of solid risk loss information are coming to light following the storm, for which loss emergence has been slow.
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AM Best sees accumulating cyber risk in the US property market downgrading 18 US property carriers, considering Best’s Capital Adequacy Ratio.
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The (re)insurer pegged industry losses from Ida at $30bn and increased its share buyback program to $1.5bn.
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The cyclone made landfall on 11 April, with strong winds affecting 800km of coastline.
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The city’s pension fund recorded a 3% return from its ILS portfolio in 2020.
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The judgment ruled that clauses in insurers’ BI policies covering infectious diseases meant cover was only present for closures relating to an outbreak on assureds’ premises specially.
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Orchid, Accredited partner to expand personal lines capacity in coastal markets amid strain from increasing cat events.
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ILS Capital Management has backed the launch of a new InsurTech incubator, Mltply, which will offer fronting and reinsurance capacity to start-ups as well as venture capital and infrastructure support.
