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Plus a mixed week for Lloyd’s, the asbestos potential of Covid-19 claims and a round-up of our most-read stories from the week.
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Losses are “within expected tolerance levels”.
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The mixed ruling delivered by the High Court meant insurers escaped from worst-case loss scenarios.
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The start-up adds Angus Hampton as head of international casualty and reports a quota-share focus during the renewals. -
The ILS market expanded by $1bn in Q3 but still shrank by 4% over the first nine months of 2020 to $92bn.
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The claims manager has also held senior roles at Navigators and Chubb.
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The carrier lifts its net catastrophe allowance by about 25% to $685mn as it reports more favourable renewal terms than it had expected.
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The year was marked by record North Atlantic storms, which put the loss tally more than 40% ahead of mild 2019 experience.
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The flood insurer cut just under $200mn of limit from its renewal, enabling it to pare back its outlay, although nominal programme-wide rates rose 13%.
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A total of 24 million hectares of land was burnt in the worst bushfire season on record.
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Combined insurance losses for these events total $7.1bn, representing a “benign year” for large non-US losses, the company said.
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Rumours of the cause of the incident have been circulating for months in the marine insurance market.
