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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.
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A range of buyers have to use private deals to fill out orders, but the vast majority look set to be covered by the end of today.
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A move towards more bilateral trades is counter to what you’d expect from a commoditised market.
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The fund has projected a $1.9bn deficit against potential obligations.
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Insurers are looking to line up private deals as a stalemate emerges over early firm-order terms averaging risk-adjusted increases of 15-20 percent year on year.
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The ratings agency has warned that, if reinsurers and ILS fund managers fail to price differentiate among carriers, they will contribute to the commoditisation of catastrophic risk.