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Underwriters are getting increasingly granular, rewarding mitigation and prevention with better terms. -
The carrier’s cyber hours clauses and sub-limits will limit exposure, according to the analyst.
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Market sources suggest that this will be a manageable loss, although at this early stage there are multiple uncertainties.
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The current guidance is that Beazley will publish an undiscounted CoR in the low-80s at full year.
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Insured losses in the single-digit billions would not translate into a material impact for (re)insurers.
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The broker warned that D&O and P&C policies could also be impacted by the outage.
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The incident highlights the aggregation risk around cloud service reliance.
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The modeler said 3 million homes were without power at its peak.
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The losses primarily resulted from severe convective storm activity.
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The year lags behind the pace of loss set in 2011, but a potentially active summer looms.
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The figure is well above the historical average of $39bn for this century.
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Allstate’s total pre-tax cat losses for H1 2024 were $2.85bn versus an estimated $4.39bn in H1 2023.
