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The pressure on catastrophe terms and conditions seen at the January 2023 renewals will likely not be repeated as renewals get more orderly in 2024. -
Some reinsurers are developing products and solutions for cedants’ newly retained risk under those higher attachment points, executives noted.
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It is more dependent on property, and its longevity is uncertain.
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The news comes two months after this publication revealed that UIB was exploring the acquisition of the Lima-based aviation-focused reinsurance intermediary.
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The repercussions of the war between Russia and Ukraine continue to affect several countries, including Egypt and Somalia, as a result of grain-supply interruptions.
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The insurer has been working to build a reputation for favorable reserve development after past sins.
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Floridians will bear the brunt of Idalia's losses as a retention event, but reinsurers will reap the benefits of pricing.
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Out of the roughly 88 claims received so far, some were storm surge claims that are not covered by the carrier, according to the executive.
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According to filings, USAA will only accept new policies in areas with a Wildfire Risk Score of 1 out of a possible 32 points, where higher numbers indicate a greater risk of wildfire losses.
