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The executive added that while the Florida market has seen benefits from recent legislation, the major issue remaining is one-way attorney fees.
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The projected Ian loss is $2.2bn higher than the state reinsurer took from Hurricane Irma in 2017.
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The charge included the carrier’s $80mn retention and $35mn of reinstatement premiums.
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The insurer takes a $1bn retention on US losses but could have made some reinsurance recoveries.
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Nearly two-thirds of the Florida claims are homeowners and business claims (272,465), and the remaining are personal automobile claims (151,892).
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The firm said inflation and modelling changes had driven the need for bigger limits.
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For larger top-end ILW triggers, cedants may have to be pragmatic on rolling over capital.
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The homeowners’ InsurTech reported that it has received approximately 6,800 claims associated with Hurricane Ian to date.
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A special session in December and prohibition of assignments of benefits have been cited on the Florida campaign trail.
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The reinsurer said it will be “significantly more challenging” to hit EUR3.3bn 2022 profit target.
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The estimate anticipates a full retention loss of $12.5mn from Hurricane Ian.
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The insurer said the estimate represents a 13.9-point impact on its Q3 combined ratio based on earned premiums.