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Nat cat and extreme weather claims have become more frequent and severe with hail, heavy rain and wildfires leading to significant losses. -
IGI is set to launch into the contingency market and has appointed underwriter Emily Clapham to lead the entry into the class, Insurance Insider can reveal.
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The carrier has admitted to errors in select cases but stressed that its $475mn loss figure remains unchanged.
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Simon Moore has joined Lockton Re as a senior broker in the company’s non-marine retro and property specialty team, based in London.
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The segment returned to underwriting profit despite the group reporting a significant pre-tax loss.
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Some had argued that the definition of occurrence used by judges could make it harder for insurers to aggregate treaty claims.
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The carrier revealed 10.9% premium volume growth at 1.1.
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The Lloyd’s chairman tells the House of Lords the development will enable modelling of potential losses.
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Allianz, IAG, Chubb and Swiss Re Corporate Solutions have filed pleadings in the Federal Court.
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Some pointed to low average costs to fix burst pipe claims, while others warned that BI could drive up losses.
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The vast majority of the losses come from BI, with other losses stemming from life, travel and event cancellation.
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Market sources report an uptick in competition to secure accounts as clients sought optimum deals in a challenging market.
