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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. -
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.
