Allstate, State Farm each look for $1bn more cat as surge in demand looms
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Allstate, State Farm each look for $1bn more cat as surge in demand looms

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Allstate and State Farm have told reinsurers early that they will each need to buy roughly $1bn of additional cat limit at 1 June 2023, as the reinsurance market forecasts a major demand boom for cat limit resulting from inflationary pressure.

Sources told this publication that Allstate and State Farm are among a group of cedants looking to accelerate work on future reinsurance placements, as they seek to proactively manage an expected supply-demand imbalance in cat.

The

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