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Analysis by Lane Financial concluded that ILS returns will likely be double-digit-to-high-teens in 2024. -
The number of disasters costing $1bn or more during the period is the highest on record.
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Aon-owned Mexican cat modeler ERN estimated Otis insured wind losses, excluding auto and infrastructure, at $1.2bn-$1.8bn.
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Carriers have been dealing with elevated storm activity this year, whilst additional purchases to match inflating values had largely been parked in 2023.
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The forecast reflects property damage and BI losses to residential, commercial, industrial and automobile lines.
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A non-binding term sheet was signed on October 6, whereby the buyer will acquire 100% of Interboro’s issued and outstanding securities in exchange for cash.
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The insurer said cat models had failed to gauge potential levels of damage accurately.
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The estimate includes wind damage, as well as damage to property, automobiles, agriculture and direct BI.
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Hannover Re said it was in discussions with retro partners about buying less in 2024.
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The group’s ceded large losses reached 17% of gross losses, up from 11% a year ago.
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Awaiting FLOIR approval, the move will mark the Floridian’s entry into the commercial residential insurance space, CEO Paresh Patel told analysts Tuesday.
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The worst of the damage was experienced in Brest, northwest France.
