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Homeowners in the state pay more than 9 cents on the dollar of claims for legal costs, three times the amount nationwide, according to a report.
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Industry loss estimates are expected to increase as carriers come to terms with their actual exposure to this year’s record-breaking wildfire season.
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Tropical Storm Risk (TSR) predicts five hurricanes and two intense hurricanes at the mid-point of its forecast range.
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The formation of the $470mn P&C and life reinsurer was announced last week. -
The executive will continue to oversee the integration of acquired brokers in the new position.
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‘Zombie storm’ expected to bring heavy rain and flooding to northern Australia.
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Could 1.1 be a flat cat reinsurance renewal in the US?
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California commissioner calls on insurers to waive paperwork requirements.
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Air crashes and faulty workmanship were the next most expensive sources of losses, according to an AGCS analysis spanning five years.
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The carrier has already paid out more than $1.2bn for the Camp and Woolsey wildfires.
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The insurer follows Beazley, CNA Hardy and Talbot in halting construction underwriting.
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Evidence of a retro-driven spike in cat reinsurance pricing has so far failed to materialise.
