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The health insurer now expects to secure the lowest-risk tranche of its health bond for under a 3% spread. -
Improving the speed and efficiency of settlements is required to help the market grow.
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Allstate has expanded the size of the bond twice, now reaching $400mn.
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The sixth edition of the sidecar reflected alignment of interest with long-term partners, the reinsurer said.
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Participating insurers would be required to provide all-perils property insurance for residential and commercial policyholders.
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Wind and tornado in the US may already have led to losses in the hundreds of millions, according to Aon’s report.
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The loss estimate includes property damage, contents and BI insurance across residential, commercial and industrial lines.
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In total, insurers paid indemnity of $11bn and loss adjustment expenses of $1.5bn for claims closed in 2022.
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The bond will provide protection from named storms in Florida for three years.
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The scale of the claim is expected to be just within the expected total weather losses for insurers.
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The agreement provides coverage for in-force, new and renewal business, with up to $100mn of limit excess of $10mn per occurrence.
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Storms Pia and Henk, followed by a cold snap, follow three years of 100+ combined ratios for UK insurers.
