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There has been some strategic withdrawal of capital for younger syndicates. -
A more residential-skewed loss would impact Lloyd’s carriers in treaty where market share is lower.
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Milton made landfall south of Tampa Bay at Category 3 on Wednesday night.
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Setting aside the storm’s greater potential insured loss scale, the flood risk implies greater exposure.
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Increased interest follows ratings agency upgrades of Lloyd’s paper.
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Most sources noted expectations of a $50bn+ event, but the range of outcomes is huge.
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Space insurers are running at a near-200% loss ratio after booking losses of over $1bn in 2023.
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Many insurers have cut back lines in Lebanon, although larger insured sums are at stake in Israel.
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Sources expect significant loss amplification in the claims that will come from Georgia, the Carolinas and Tennessee.
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The Category 4 event will highlight the impact of recent market hardening.
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Loss-free accounts are expected to be oversubscribed by as much as 140%.
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This is the first major update to the misconduct framework since enforcement powers were introduced in 2005.
