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Overall, insurance rates fell by 1%, led by competition in property. -
Areas with growing demand and complexity include natural catastrophe and cyber, it said.
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The new proposition will offer £10mn primary cover and £15mn limit for XoL.
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A canvassing of the market showed some bifurcation on the necessity of a government backstop.
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It also reported that severity increased by 17% in the same period.
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Geopolitical conflict could expose the global economy to $14.5tn in losses.
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Matt Foster joins Coalition following an eight-year tenure at Munich Re.
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The deal has reduced the carrier’s one-in-250-year cyber loss scenario from $651mn to $461mn.
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Top concerns also included medical cost inflation and employee benefit costs.
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Glyn Thoms will be stepping into a newly formed role with a focus on cyber strategy formulation and management.
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Envelop Risk Solutions will provide technical assistance and advisory services.
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Sources said that for reinsurers to meet this demand, they will need to get comfortable analysing and evaluating systemic and aggregate risk.
