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The homeowners’ MGA CEO said the wildfires could spur a re-evaluation of models. -
The estimate has reduced slightly since the modeler’s last update in October.
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Year-end reserving, Milton and wildfires will dominate Q4 earnings discussions.
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Challenges in claims frequency and carrier competition are likely to remain.
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The anticipated portion ceded to reinsurance may reach the mid-to-high single-digit billions, it added.
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Rate increases averaged 0.0% in December 2024, from 16.3% in December 2023.
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A state-mandated, one-year moratorium on non-renewals is also in place.
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This will be the most expensive fire in the state’s history, it said.
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A quick roundup of today’s need-to-know news, including LA wildfire losses, legal reforms in Georgia and NFIP reinsurance.
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Also, John Diaz will lead a customer and distribution management function.
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The regulator also emphasized the need for private flood insurance after hurricane Helene.
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A $30bn industry loss would use one-third of Big Four’s 2025 cat budgets.
