Government
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The news marks the second year in a row members have ceded more than $1bn in risk to the Caribbean Catastrophe Risk Insurance Facility.
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The California Insurance Working Group suggested the policy to cover areas with high wildfire risk.
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The investment is thought to be the $81bn fund’s first ILS allocation.
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New law would end the country’s long-term cat bond programme and cast doubt on the fund’s on-risk cat bond.
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“Pass-through” tax status would help SPIs issue US-based ILS, Joanna Syroka said.
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The stop-gap measure must now be passed by lawmakers in the Senate.
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The country’s economy minister predicts the 2,500 claims received so far could quadruple to 10,000.
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Proposed plans could open up new routes to Lloyd's for investors, but will there be space for them?
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The (re)insurance supervisor calls for “skin in the game” from all risk owners to reduce the risk of moral hazard arising from any state backstop.
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The carrier’s plan would provide up to $750bn in pandemic cover for small businesses and $400bn for large enterprises.
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The group says Stephen Catlin’s steering group needs to go further.
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The proposed bill would trigger federal relief after $250bn of insured losses.
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