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Losses are “within expected tolerance levels”.
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The AJ Gallagher report says multiple potential claims could take current loss levels well above the $330mn already known about. -
But analysts added that slowing rate momentum suggested the hard market could end this year.
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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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Second- and third-event retentions rise from the year-ago arrangement.
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The broking group said this correction will be more similar to 2005, rather than 2001.
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New capacity did not have a major influence on the outcome, but greater rated paper interest and a drop-off in demand kept rate increases more manageable than feared.
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The broker’s 1st View report said rate change may have disappointed some reinsurers but remediation focused on specific stressed pockets of business.
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Loss-free accounts are repricing by high single digits but the real battle is over terms.
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US cat renewals are outpacing European increases, but as signalled earlier this month, the level of rate hikes has fallen back.
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The coronavirus pandemic prompted huge change in a sector already dealing with systemic challenges.
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The majority of the $3.1bn reinsurance tower switched to a two-year deal last year.
