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Sinclair had $50mn in coverage through five separate cyber policies. -
The airline says the crash resulted in over $500mn in losses.
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Coverages include missed bid reimbursement, contingent bodily and property damage, and drone use violations.
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Underwriting remains disciplined as insurers target profitable growth.
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Overall, insurance rates fell by 1%, led by competition in property.
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Business email compromise was up 9%, comprising nearly one-third of claims.
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It also reported that severity increased by 17% in the same period.
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At the conference, industry pros identified issues in modeling systemic risks due to a lack of historical data.
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Elixir has an initial focus on cyber but will look to expand into other lines, including E&O and D&O.
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Attendees concurred that they don’t expect the “Golden Age of E&S” to end anytime soon.
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In Q2, median property price increases decelerated to 2.3%.
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Top concerns also included medical cost inflation and employee benefit costs.
