US open market property bellwether Verizon renewed on 1 January with double-digit rate reductions despite its value growing by 6 percent, market sources told sister publication Inside FAC.
Willis Re believes that the surge in growth of collateralised reinsurance during 2014 is unlikely to be as pronounced in 2015, according to its 1st View January renewals report.
Non-traditional capacity is on track to reach Aon Benfield's prediction of $150bn by 2018, after it increased by almost 25 percent to $61.9bn by the end of the third quarter of 2014.
The loss estimate for the fire that razed the Campofrio meat-processing factory last month has increased by 30 percent to $400mn, sister title Inside FAC reported.
The US Senate's failure to re-authorise the Terrorism Risk Insurance Act (Tria) before its year-end 2014 expiry date is causing an uptick in submission flow for standalone terrorism cover.
A major fire that destroyed over two-thirds of an apartment block under construction in Los Angeles is likely to cost insurers in the range of $40mn-$60mn, sources told sister publication Inside FAC.
