Property

Noting concerns about rapid growth, the Citizens board approves rate hikes up to the legal limit.

The reinsurance broker’s report comes after KCC put a $3bn insured loss estimate on the 10 December disaster.

The firm’s estimate fell at the lower end of the range for historic Top 10 tornado events.

The US earthquake bond is from a first-time corporate sponsor.

The carrier will make takeout offers to a selection of Citizens’ customers.

Hail, wind and torrential rain struck Victoria and Tasmania.

In a recent report, the ratings agency cited rising loss cost inflations, enhanced market discipline, and growing demand for reinsurance capacity as the industry approaches 1 January renewals.

The former Army captain is expected to remain in the insurance industry.

The Australian Reinsurance Pool Corporation (ARPC) and Insurance Council of Australia (ICA) have welcomed draft legislation and regulations with an A$10bn ($7bn) guarantee from the Australian government for the country’s cyclone reinsurance pool.

The storm tore through north-western Europe in October, with major losses in France, Germany and Belgium.

The deal was struck in the wake of the collapse of Aon and Willis Towers Watson’s merger.

This is the first cat bond deal from the corporate sponsor, a logistics specialist.