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However, most P&C insurers will still miss their cost of capital targets and as a result, rate hardening and capacity constraints are expected to continue into 2024, according to Swiss Re.
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Property remained the largest class of business, whilst North America is an increasingly important income source.
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Plus this week’s executive moves and all the latest exclusives of the week.
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The pressure on catastrophe terms and conditions seen at the January 2023 renewals will likely not be repeated as renewals get more orderly in 2024.
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Some reinsurers are developing products and solutions for cedants’ newly retained risk under those higher attachment points, executives noted.
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The ratings agency said the reinsurance market was ‘the hardest in decades’ amid tightened terms and conditions as well as increased rates.
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Super Typhoon Saola has the potential to be one of the five largest typhoons to land in Guangdong in over 70 years, according to reports.
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Mark to market investment losses and decreased capital allocation in high volatility lines are contributing to an ongoing hard market for reinsurance.
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More than half of the top 20 global reinsurers maintained or reduced their natural catastrophe exposures during the January 2023 renewals.
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The broker said that capital levels should stabilise at previous levels, given a normal second half.
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Homeowners’ and commercial insurance policies typically exclude floods, mudslides, debris flow and other similar disasters unless directly or indirectly caused by a recent wildfire.
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The executive also lambasted the growing tide of corporate regulation in Germany and the EU.
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