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The peril has been historically difficult to model compared to others. -
Insurers with SCS exposure reaped fewer benefits but still improved over Q3 2024.
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Despite a softening market, underwriters were still able to attain up to 10% above technical pricing.
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With property getting more competitive, FM pursued an opportunity for growth in E&S with Velocity.
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The deal to reopen the government also extended the NFIP.
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The executive said inflation isn’t completely gone but is now “more understood”.
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The credit can now be applied to mitigation against operational losses.
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The Marsh-placed account renews its all-risks cover on 16 November.
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Widespread underinsurance and low exposures will limit losses.
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While attritional losses were up for the quarter, those in the carrier’s core business declined.
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Many commercial risks will have London coverage, but insured values are relatively low.
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The NFIP expiration and a successful Neptune IPO got attention, but some reinsurers moved earlier.
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Exposure for California’s Fair plan has jumped, as insurers drop policyholders.
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Hurricane warnings are in place for Guantanamo, Holguin and Las Tunas.
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Economic losses from the Cat 5 storm could run 30%-250% of the country’s GDP.
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A US landfall is not expected, but the storm could hit the Bahamas by Friday.
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The storm could bring flooding to Jamaica, Cuba and Haiti.
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The bill includes provisions to encourage retrofitting homes in high-risk areas.
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While limited to only some accounts, it’s a sign of the intense competition in the segment.
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A former NOAA climatologist who left the agency is running the new operation.
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Cat losses in Q3 were light as peak hurricane season passes without incident.
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Critics claim the dispute system denies consumers' key legal rights.
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Nine-month insured losses still exceeded $100bn due to California wildfires.
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Though wildfire losses are up, total losses are the lowest since 2015.
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