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The Dell warehouse loss pushed the Lloyd’s cargo market to a 179% loss ratio in Q2 2020, the broker says. -
The Aon president said insureds will begin to “test” carriers and brokers on price.
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Capacity has stabilised after several exits, and there are “shoots of recovery” in performance, but disagreement remains around rate adequacy.
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Firm order terms reveal an expectation from cedants of price increases between 5% and 10% on flood covers, in line with pricing momentum from 1.1.
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Rate rises on wind covers are broadly in the 5%-10% range, running somewhat ahead of quake increases.
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Earlier clean aviation renewals had ~50% increases, and those with exposure to the $2bn loss paid much larger increases.
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Despite hardening rates, insurers are “very polarised” about entering the class, CEO Laurent Lemaire says.
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The ratings agency said Zurich Insurance’s financial performance was “sustainably improved” and gave the rating a stable outlook.
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The MGA CEO says deductibles in North America need to rise as much as five-fold given an increase in claims frequency and severity.
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The ratings agency highlighted concerns about the remedial efforts facing the carrier.
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