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H1 2023 renewal rates for wind and fire-exposed properties in Florida, Louisiana and Texas increased more than 300% in some cases, exceeding the broker’s January forecast.
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In the non-admitted property market, more policies are including language that discourages clients from hiring adjusters.
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Some cedants paid more than 40% increases depending on Florida concentration and Hurricane Ian losses.
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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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Even clean accounts in the admitted space are seeing rate increases of 15% year on year, while loss-hit accounts in Florida were slapped with a 100% rate increase for June 1.
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Recently released statutory data shows the US P&C industry loss ratio touching the 65% mark, the highest level in two decades.
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The US National Oceanic and Atmospheric Administration (NOAA) has forecast “near normal" hurricane activity in the Atlantic this year.
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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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Early private deals have provided far more stability in this year’s renewal than last.
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The average increase in commercial property premiums was 20.4% during the quarter due to inflation, natural catastrophes and persisting supply chain issues.