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D&O and D&F are also facing increased competition, but property remains price adequate. -
Their new guide sets out the factors (re)insurers should consider when defining a major cyber event.
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CEO Adrian Cox said Beazley’s recent $290mn ILW purchase was not driven by “capital flexibility in and of itself”.
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The exit follows that of Guy Carpenter’s head of cyber centre of excellence for international, Siobhan O’Brien.
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The cyber solution is backed by Mosaic, Chubb and Liberty Specialty Markets.
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The Hartford will assume a quota share of Coalition’s UK cyber program.
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Overall, insurance rates fell by 1%, led by competition in property.
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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.
