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The ratings agency says the legislation is a step in the right direction but flags there could be loopholes in the new law.
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Reinsurers that have been reliant on retro cover also pared back their market share, as the broker said mid-year renewals showed tangible pricing momentum.
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The hedge fund’s participation drove an overall increase in ILS use by the Floridian insurer for its 2019-20 programme.
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The capped increase compares with an 8.5 percent rise envisaged before the measures to curb assignment of benefits abuse.
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The Florida-based insurer is looking to drop the rate increase for personal lines policyholders from 8.2 percent to 4.7 percent.
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Firming market an opportunity for the growing ILS fund, according to the analysts.
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However, the verdict on whether Florida rate increases were enough to satisfy underwriters still seems a split one.
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The Florida Hurricane Catastrophe Fund (FHCF) is marketing its $1bn reinsurance programme but has indicated it is looking for flat risk-adjusted rates, according to sources.
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The state cat fund delayed its renewal to avoid clashing on the market with Florida insurers.
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Congresswoman Maxine Waters said the National Flood Insurance Program has experienced twelve short-term extensions resulting in brief lapses since fiscal year 2017.
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The total of insurance claims is up from the $6.1bn recorded in March, according to the Florida Office of Insurance Regulation.
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The company’s cover for a Florida storm now extends to $3.28bn – up $134mn from 2018.