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Initial expectations for the later storm prove overblown, while inland auto losses mount for the earlier event. -
The firm will provide an update on November 22 to avoid holiday season.
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The estimate implies a roughly $15bn homeowners’ industry loss from the hurricane.
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Andrade flagged expected 5% to 10% increases in the US and Europe.
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Total insured losses are expected to range from $34bn to $54bn.
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Westhoff will also spearhead the launch of QBE’s E&S property offering.
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Underwriting remains disciplined as insurers target profitable growth.
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Insured losses for 9M 2024 have hit $102bn, according to a report.
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Overall, insurance rates fell by 1%, led by competition in property.
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The three-year deal is expected to generate $200mn in GWP over the period.
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Sources said that Milton may slow the pace of rate deceleration.
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The company said $13bn-$22bn will come from wind damage.
