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The ratings agency noted “significant” underwriting improvement in 2023-24. -
In the absence of interim action, the segment could face an “availability crisis”.
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The carrier has paid $1.75bn on around 9,500 claims filed from the wildfires.
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Retention levels for reinsurance fell across the different geographies the carrier operates in.
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The insurer disclosed the estimates as it seeks emergency rate hikes from regulators.
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The government’s consultation ended on Friday (7 February).
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The state has seen 11 new entrants into the insurance market, reflecting renewed confidence.
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Brokers and insurers must obtain informed consent from clients for the commissions.
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Reinsurers on portfolios with longer-tail liabilities may withdraw.
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The association has published a six-point plan to lessen red tape on brokers.
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By March, firms must be able to show they can remain within impact tolerances.
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The bodies said that the benefits of diversity and scale would help improve coverage.
