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The US could be exposed to economic losses of $1.1tn in the event of a cyberattack, the highest of any country. -
The company said Ki is the first algorithmic underwriter to offer capacity from multiple syndicates.
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Cyber reinsurance has around $500mn of annual capacity currently supporting the space.
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These figures mark an improvement from August, which was impacted by losses from Hurricane Idalia.
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A number of players suggested that the cost components of first-party claims were up between 30%-50% on that seen during Ransomware Wave One.
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In a presentation before Florida lawmakers, Cerio noted recent success in Citizens’ efforts to move policyholders to private insurers and reduce risk exposure.
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Mallen previously spent over 10 years at Chaucer, most recently as a US casualty reinsurance underwriter.
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The IOP will be integrated into the Open Protocol reporting template.
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Experts at the Trading Risk New York conference emphasised in-built cyber risk protections from defences to exclusions, as ILS managers grapple with understanding the peril.
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Wildfires in British Columbia were the largest of 11 catastrophe losses for the insurer.
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The mortgage insurer last closed a similar deal more than two years ago.
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The Middle Eastern investor had built up a billion-dollar portfolio, but personnel turnover has ultimately driven it to reverse course.
