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The legislature did pass Twia reforms, however. -
"Smoke damage is real damage," Commissioner Lara said.
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Lloyd’s traditionally avoided US middle market property, but head of P&C Matt Keeping says times have changed.
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Inflation indices fell in April, but some items related to P&C are still elevated.
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Rates have fallen an average of 10%, though changes can be highly specific to each property.
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The revision is significantly lower than the $4.5bn October estimate.
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Modeling wildfires is particularly challenging compared to primary perils like hurricanes.
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The medical CPI is up 3.1% for the last 12 months.
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New broker vehicles are setting up amid accelerated softening in D&F.
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California homeowners are also expected to move admitted business to E&S.
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In casualty, getting significant blocks of capacity remains a major challenge.
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As the industry gathers in Chicago, Insurance Insider US reviews key discussion points.
