January 2018/2
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Rate increases achieved by the property direct and facultative (D&F) market at 1 January could herald the beginning of a slow recovery in the class, which has been one of the greatest victims of the prolonged soft market.
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Liberty Mutual emerged as the market leader in the northeast US, where primary homeowners' insurers face the prospect of mounting claims from subzero temperatures and heavy snowfall
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Cat bond issuance reached a record $11.1bn last year as sponsors took advantage of low rates and an overhang of supply from 2016 to buy cover
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The Insurance Insider's index of 50 P&C (re)insurance companies - The Insider 50 - grew by 11.3 percent in 2017 to 1,149.63 index points, a median performance relative to other major market indices.
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Last week, we revealed AIG had purchased a new $2bn aggregate catastrophe reinsurance cover as well as a new international cat treaty and made other notable structural changes - signalling a shift under new CEO Brian Duperreault towards laying off more risk to reinsurers.
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Zurich Municipal was the most prolific supplier of UK public sector insurance in 2017, according to analysis of local government insurance data by research company Tussell.
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Public organisations in the UK are buying more terrorism insurance, research by Tussell has found.
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So much, then, for the cat-driven hard market in 2018. And if the industry has been disappointed with the rate response in cat-exposed business to date, we would offer caution to anyone hanging their hat on better pricing in casualty as a source of optimism for the market as a whole.
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December losses from the California wildfires are likely to put a sizeable dent in US P&C fourth quarter earnings, according to JP Morgan analyst Sarah DeWitt.
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As equity analysts digested the disappointing renewal rates from 1 January, there was a growing sense that further price increases could be seen during the mid-year US renewals.
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The rate increases in property direct and facultative business were one of the more headline-grabbing outcomes of what was perhaps a more muted 1.1 renewal season than anticipated.
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Reinsurers are weighing up a complex position with a lot of moving parts as they start trying to assess their prospects for 2018.
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