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Inflationary pressure and climate change meant the market effectively gave ground to cedants despite nominal price rises.
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The year saw a substantial uptick in natural disaster losses compared with 2020 and 2019.
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Pacific Gas and Electric Company told investors in November that it expects to recover $569mn from its insurers on a potential $1.15bn liability relating to the Dixie Fire in California.
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Almost 130 insurers claim that the defendants failed to prepare for the power loss that caused “significant property damage” to carriers and policy holders.
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The Australian insurer paid a mid single-digit rate increase for the reinsurance cover.
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The fund’s net assets grew 12.2% to $983mn year-on-year.
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A heavy snowfall helped to bring the major conflagration under control.
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The fires are being fanned by winds of up to 115mph around the towns of Superior and Louisville.
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As the renewal is expected to spill over into 2022, the two-speed market will put pressure on retro-reliant carriers.
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Arwen knocked out power for around a million UK homes.
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Pricing sheets appear to show little impact on aggregate ILS deals.
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While funding under a World Bank loan agreement is expected to flow, the 2019 cat bond protecting the nation was not expected to be at risk.