Swiss Re
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Carriers reassured analysts that unrealised investment losses will not seriously affect solvency while sounding a bullish note on renewals. -
The reinsurers will provide a parametric solution to ensure a fast payout.
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Global cyber premiums are expected to reach $23bn by 2025 but, with predicted global annual losses of around $945bn, roughly 90% of the risk remains uninsured.
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The carrier said inflation and losses were to blame for its likely miss on the P&C re full-year target combined ratio of 94%.
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The group booked a net loss of $285mn and negative return on equity due to cat losses, prior-year reserve charges and falling investment yields.
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Inflation, heightened cat activity and years of poor reinsurance returns are fuelling demands for wholesale change in the European market.
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The reinsurer is pushing for higher retentions on property cat and lower ceding commissions on proportional casualty.
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The carrier is likely to book a Q3 net loss of $500mn for the storm.
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The reinsurer said it will look to double rates and retentions and halve the amount of override on casualty quota shares.
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The transport sector has the largest investment gap, needing an estimated $114tn to build greener infrastructure.
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The CII also appointed Ian Callaghan as deputy president for 2023.
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The storm is not expected to be a threat to the order of Jebi or Hagibis.
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