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Strong rhetoric from Munich Re means the US market will sooner or later have to take a position on cyber war wordings. -
Inside P&C’s morning summary of the key stories to get you up to speed fast.
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In addition, the mutual promoted Jelmer Andela to head of cyber underwriting within its London-based subsidiary Liberty Specialty Markets (LSM).
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A memo from the reinsurer raises concerns for cyber insurers over whether they could face a coverage gap after renewals.
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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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The average increase in commercial property premiums was 20.4% during the quarter due to inflation, natural catastrophes and persisting supply chain issues.
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Last week, the company disclosed an ultimate loss ratio of 36% for 2022, as the market softened after a period of dramatic hardening in 2020/21.
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The cyber MGA reported that claims severity increased by 7% to an average loss of nearly $169,000, fueled by business email compromise and other types of attacks.
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He will be charged with driving CFC’s cyber underwriting strategy and broker development in the US with a specific focus on the company’s admitted cyber product.
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The Boston-based cyber MGA also reported premium growth of 80% last year compared with 2021.
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The WTW D&O liability 2023 survey canvassed directors and risk managers in 40 countries around the world.
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Spectra has in-principle approval for a Bermuda broker license but believes cyber ILS solutions will be a game of “slow progress”.
