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Rates pulling back will rein in some of the excess margin obtained over the past three years, he said. -
Hurricane warnings are in place for Guantanamo, Holguin and Las Tunas.
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Economic losses from the Cat 5 storm could run to 30%-250% of the country’s GDP.
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A US landfall is not expected, but the storm could hit the Bahamas by Friday.
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The storm could bring flooding to Jamaica, Cuba and Haiti.
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APIP is one of the world’s largest property programs.
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Property pricing fell by 8%, while casualty rate increases tapered to 3%.
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Total pre-tax favorable prior period development in the quarter was $361mn, up nearly 48% YoY.
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Property, cyber and workers’ comp rates were all down mid-single digits, offsetting casualty hardening.
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Though wildfire losses are up, total losses are the lowest since 2015.
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Brian Church has spent 20 years at Chubb.
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Willis claims at least two $1mn accounts were also unfairly lost to Howden.
