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The carrier also estimated its European flooding burden will be $520mn. -
Rinat Bektleuov joined in August 2021 and reports to Charles Goldie, chief underwriting officer.
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Discussions with industry and in-country partners have so far foregrounded parametric solutions.
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California wildfire loss notifications relating to 2017 and 2018 fell.
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GWP rose by 17% to $177bn for Aon’s peer group of reinsurers, while their average combined ratio stood at 94.0% – down from 104.4% for the prior-year period.
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The ratings agency said that cat models were not taking into account the full impact of climate change.
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The cat modeller’s estimate follows a $950mn projection from Karen Clark and Company.
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Provinzial confirmed its claims had risen above EUR1bn and it now estimates they could reach EUR1.5bn.
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The state body supporting earthquake cover has seen risk transfer requirements swell over the past decade.
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Recently one of my colleagues argued that it was time for a “bonfire of PMLs”, as the past five years have shown that the industry has seriously underpriced the kind of $10bn-$20bn loss events that have been happening since Harvey, Irma and Maria landed in 2017.
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The convergence of traditional reinsurance and ILS has seen reinsurers’ fee income rocket over the past three years.
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The ratings agency said cat activity, Covid-19 and social inflation would play key roles in influencing investor returns.
