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Last year’s season was “unprecedented” in terms of frequency, but not in terms of severity. -
The hire reflects Ascot’s push to build capabilities on the island.
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The organisation will also undergo a strategic review to reassess member support as they work remotely.
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Chubb and Crum & Forster are among the markets requiring further underwriting checks and introducing exclusions.
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The broker’s figure is 40% higher than its annual average for the 21st century, with the bulk of losses coming from the US.
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Freezing conditions could follow flooding in England and Wales.
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US hurricanes, storms, wildfires and civil unrest resulted in the carrier’s net cat loss burden doubling to $1.6bn.
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Storms tore through four states in January last year with hailstones up to 6cm in size.
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Contractor negligence and poor vegetation management are also increasing sources of claims.
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Cat losses will cost up to $80mn, down from last year’s $140mn, as the carrier indicated underlying results continued to improve in Q4.
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The carrier's 2020 net loss estimate remains intact after the buffer for potential Australian BI losses.
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The carrier still expects net losses from Covid-19 to cost about £62mn.
