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The broker said that businesses not investing in AI capabilities would be left behind. -
MAP’s Christopher Smelt said impact on nationwide programmes will cause risk aversion.
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The firm also promoted Devin Inskeep to an expanded role as SVP, head of ratings and advisory.
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Sources warned some property XoL books are already running 50% loss ratios.
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Cyber, marine and aviation are recent areas of focus.
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The insurance industry has experienced mounting losses from severe convective storms.
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Some of the Big Four are slowing growth as the market softens.
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The carrier was seeking to expand its 1 March-renewing programme.
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The reinsurer anticipates downward rate pressure to continue over 2025.
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Reinsurers’ hopes that LA wildfires will slow 1.4 softening are in question.
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Island appetite remains stable, but early 2025 loss activity has injected fresh uncertainty.
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Both carriers have extensive reinsurance coverage.
