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Reinsurers are talking about a new era of elevated risks, but their behaviour may signal a more relaxed view heading into 2022. -
Executives including AIG CEO Peter Zaffino, Aon CEO Greg Case and Munich Re CEO Joachim Wenning have joined the task force, chaired by Lloyd’s.
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The deal will exclude Covid-19 from its current year coverage.
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The reinsurer upsized the transaction to $250mn, from a $150mn initial target.
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The deal is the first typhoon cat bond for the insurer, which previously sourced earthquake cat bond coverage.
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Registrations for the event will be limited if necessary to ensure distancing measures can be taken.
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The Australian insurer said it received approximately 3,750 claims relating to recent flooding, as the low deductible on its losses implies it may trigger a dropdown or aggregate cover.
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The news marks the second year in a row members have ceded more than $1bn in risk to the Caribbean Catastrophe Risk Insurance Facility.
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The California Insurance Working Group suggested the policy to cover areas with high wildfire risk.
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Outside the US, two Indian cyclones are expected to have caused more than $4.5bn of economic losses.
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The settlement ends hostilities that began with Covea’s unsolicited EUR8.3bn takeover bid for the French reinsurer in August 2018.
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The A rated platform is due to take on renewals from the firm’s 1609 Fund.
