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A new market survey sheds light on the disparity in pricing and approaches to ransomware as the cyber market remediates. -
The Hannover Re subsidiary said the event would incur insured losses in Germany alone of “well in excess” of EUR8bn.
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While much of the conversation surrounding inflation lately has focussed on the threats, last week’s Inside P&C North America conference brought the other side of the coin back into focus.
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Increasing cat losses, combined with social inflation, put ESG and climate change at top of the mind even as the market sees strong growth, says Guy Carpenter’s John Trace.
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The broker expects a slowdown in price rises to continue for the rest of the year.
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The state body supporting earthquake cover has seen risk transfer requirements swell over the past decade.
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“When you deploy property aggregate, the return you need on that is meaningful in light of the risk that you’re assuming,” Zaffino said Thursday. “I’m not sure if a plus mid-single digit [rate increase] gets you there in light of the [loss activity] we’re looking at.”
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The Convex CEO said that the reinsurance market was yet to accept the true scale of its Covid-19 exposure.
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This current hard cycle in cyber is potentially a once-in-a-generation opportunity to engineer the product as fit for purpose.
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Reinsurance market tightening and loss ratio deterioration are two factors fueling momentum in cyber rates.
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Moody’s expects RMS, which had about $320mn in revenue around $55mn in operating income last year, to become accretive to earnings by 2025.
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The underwriting profits within the carrier’s US operations narrowed to $25mn, after higher economic activity and attritional claims caused margins to tighten.
