Analysis
Analysis
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This publication’s tally of disclosed insured losses resulting from Russia’s invasion has increased 18% to $3.1bn.
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The demise of the lender underlines concerns about global economic conditions and high interest rates.
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The combined ratio reported by Lloyd’s for 2022 would put it in the top half of Insurance Insider’s peer group, analysis of preliminary results shows.
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Lloyd’s has drawn attention to an improved attritional loss ratio in 2022, warning the market that it would be “very difficult to get back” if it slips.
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The release of Swiss Re, Munich Re, Hannover Re and Scor’s year-end reports provides an update on market conditions.
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With brokers shifting to new providers to place certain classes, and competition among e-trading firms intensifying, the placement platform landscape has reached a crucial turning point.
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Beazley executives spoke of further growth prospects in the class, after its results revealed a 79% combined ratio for its cyber division in 2022.
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At the InsurTech Insights Europe event last week, experts explored how AI is on the brink of being commoditised in underwriting.
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A canvass of Lloyd’s market executives generated an expected combined ratio of 92%-93% for 2022.
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Two of the most-exposed segments to the war have experienced very different years, with sweeping PV changes contrasting to more stable conditions in parts of the aviation sector.
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The conflict is set to inflict billions of dollars of losses across the specialty insurance market.
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Topics discussed included Caribbean cat risk, protests in Peru, crisis in Argentina and the World Cup.
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There has been no let-up in rate reductions so far this year, as fears mount about the profitability of the class.
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Slowing primary pricing, the looming threat of inflation and increased cat retentions were key themes from this reporting round.
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Marine and aviation markets among most active parts of the industry in recent months, data shows.
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Cyber rates in excess layers saw decreases of mid-single digits to low double digits in the last quarter while primary layers remained flat or experienced low rate rises.
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Early evidence is leading the (re)insurance market to hope the storm can avoid the development curve of its 2017 predecessor Hurricane Irma.
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Annual reviews of natural disaster activity highlighted drought – which can also heighten risk of fire and flood losses – as an increasingly important secondary peril.
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Carriers will be looking forward to the positive outcomes from the 1 January harder market, but results will provide clarity on lingering challenges.
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More quota share capacity was on offer, but reinsurers were still pushing to manage exposures through loss caps.
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Insurers are looking to buy fac protection to cope with increased retentions on treaty programmes, while exclusions around political violence could also boost demand.
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At least $7.8bn in reserves was transferred from the live market to legacy carriers last year, with Enstar the leading acquirer.
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Despite a cooling economy, cost of living pressures are keeping wage inflation and mid-pay employee pressures on base.
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Specialty reinsurers clamped down on Ukraine coverage at 1.1, with the one-year anniversary of the invasion threatening claims.
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