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Reinsurers saw marginal improvements in rates at the mid-year renewals.
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Whatever the details of the loss or the quantum, Florence is not going to be a market-changing eventAs the dust settles on what at one stage seemed to be the big hurricane of this season, (re)insurers can reflect on what Florence might have brought had it maintained its wind speeds as it made its way towards the Carolinas.
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If one thing was apparent this week in the French-speaking principality of Monte Carlo it was the collective “bof” that delegates emitted about the imminent arrival in the US of Hurricane Florence.
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The Swiss Re CEO refutes the suggestion that financial-sector newcomers can deploy capital more efficiently than traditional reinsurers.
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Another Monte Carlo with hurricanes attached.
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The almost 3% rise was tempered by earned loss ratios eroding by 7% in 2017-18.
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Limited loss development from HIM hurricanes has dampened rate hikes, the broker said.
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The German giant is upbeat on property cat, but warns of Irma creep.
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The final outcome of 1 January looks likely once again to counter the typically bullish commentary from reinsurers at Monte Carlo.
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Buyers say lower prices will help them purchase more reinsurance cover next year.
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Currency collapse sends ripples through political risk market
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Overall pricing will likely stay flat despite carriers’ attempts to get increases of 5 percent.