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RPS said higher excess layers in the E&S property sector are still seeing increases north of 50% while primary and lower buffer layers are seeing average increases of 10%-15%.
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Everest is targeting a combined ratio of 89%-91% for 2024-2026, compared to the 91%-93% target range from its previous investor day event in 2021.
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Aon-owned Mexican cat modeler ERN estimated Otis insured wind losses, excluding auto and infrastructure, at $1.2bn-$1.8bn.
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Around 85% of companies mistakenly believe that their property insurance covers some, all or most types of flooding.
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Cedants and brokers are navigating the complexities of varying risk appetites signaled by reinsurers, who are willing to provide more capacity for cat treaty but only at certain layers as they maintain discipline.
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The company also plans to ramp up its media spend in 2024 after having significantly slashed advertising budgets earlier this year.
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Up-to-date building codes could reduce the amount insurers pay in the Caribbean by 18%, according to the risk modeller.
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The broker’s “State of the Market: Real Estate” report says little change is expected in the property insurance marketplace for the rest of the year, but talk of more moderate rate increases in 2024 is “gaining momentum” specific to loss-free, properly valued and attractive accounts.
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In 2022, Texas ranked third in incurred losses behind Florida and California, clocking in at $53bn, according to data from the Insurance Council of Texas.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Q2 marked the 23rd consecutive quarter of year-over-year property rate increases, with rates rising 21% on average and further increases expected for the rest of the year.