Markets
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Aon, Arch, Hiscox, QBE and Zurich are among participants in the BLM-led initiative.
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The industry association reports 37,858 claims lodged so far.
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Capacity above a certain limit remains unavailable, with coal and oil sands industries affected especially.
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Rating is now bifurcated, with clean risks securing 12.5%-20% increases and more loss-impacted risks seeing 25% -40% hikes.
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The Syndicate 2791 founder pins wording issues on the “nefarious activities of the broking houses”.
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Rates are up an average of around 10%, half the magnitude of a year ago.
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Covid-19 has led to rate hardening and tightening terms in a market already challenged by social inflation.
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In the eventuality of a Chubb-Hartford deal, two Navigators units would face relevancy challenges within the insurance company.
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Hannover Re has emerged as an outlier by reducing its overall 2020 dividend, but its growth plans may alleviate disappointment about the policy.
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The changes come as a positive rate outlook drives (re)insurance company valuations.
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The need to secure rate increases will be countered by the financial pressures faced by policyholders.
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The segment returned to underwriting profit despite the group reporting a significant pre-tax loss.
