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The broker said new capital inflows to the sector also reduced from the levels seen last year.
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A decrease in capacity following last year’s losses is thought to be one of the largest drivers of the rate increase.
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The crucial thing for the industry now is that the nuances of the lessons from 2017-2018 are heard.
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The fund begins reimbursing insurers after industry losses have reached around $7.3bn.
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The Florida-based insurer added around $80mn to its Irma loss estimate.
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Insurers are passing on costs associated with Florida’s AOB crisis to consumers, the Insurance Information Institute said.
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The insurer is to redeem $79.5mn of it its outstanding senior secured notes, as it announces a new credit facility.