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The company will continue to deploy additional limit in property cat through mid-year, the firm’s CUO added. -
Severe weather in March drove monthly and Q1 losses to historic highs.
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Imported goods account for 30%-50%+ of materials used for HNW homes, versus 15%-25% in standard houses.
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SCS losses were also above average in Q1 due to “lingering” La Niña conditions.
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Insured losses were the second highest on record for the first quarter.
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The industry loss data provider also increased its estimate for Hurricane Helene to $15.3bn.
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The insurer achieved an 86.4% acceptance rate of the policies selected.
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After seven years of premium rate growth, rates are down 5% to 40% across the US.
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Economic unease will join cat losses, renewals, and organic growth as Q1’s key topics.
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The suit alleges a “deliberate scheme” to deny smoke damage claims.
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Storms in the UK and Ireland drove losses in the commercial segment.
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Despite wildfires, reinsurers are “well positioned to maintain strong profitability in 2025”.
