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The carrier continues to cut premium as part of remedial efforts.
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CFO Dacey expects increased demand and firming pricing in wake of pandemic. -
The UK and Ireland chief expects the pandemic to erode capacity and drive claims and operating costs higher.
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The carrier achieves 5.4 percent growth in Japan as it moves up programme layers.
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Rates have risen by more than 20 percent, and will be impacted by Covid-19 and the oil price war.
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The ratings agency estimates end-March ratios at between 190 and 200 percent.
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Dynamics that would typically lead to rate rises are set to collide headlong with clients’ reduced ability to pay.
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The ratings agency said uncertainty around Covid-19 threatened underwriting performance and earnings.
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As the Covid-19 crisis continues to deepen, this week signs of strain became increasingly evident in certain lines of business.
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The agency said global carriers are well capitalised and that it expects policy exclusions to hold up.
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In its Plane Talking report the broker said insurers are still focused on long-term rate adequacy.
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Some programmes also renewed with Covid-19 exclusions.
