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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The new bill has a narrower scope than some previously proposed legislation, specifically targeting property, all risks and contingent BI policies.
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The Starr CEO has hit back at moves to retroactively force insurers to accept coronavirus-related BI claims.
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Evan Greenberg is the only (re)insurance industry representative on the list of 200 executives who will advise on ending lockdowns.
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The regulator issued a notice after receiving complaints about insurers trying to dissuade policyholders from filing claims.
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Draft legislation indicates the scheme would be voluntary for carriers.
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The backstop is just one of many ideas being floated, as governments and insurers look to improve preparedness.
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The California governor had opposed the package as he was concerned the company was taking on too much debt.
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Damaging wildfires in recent years have made it more challenging for homeowners to find affordable insurance.
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The Independent Insurance Agents & Brokers of America expressed concern about the lack of a longer term solution for keeping the programme afloat.
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If passed, the legislation will extend the National Flood Insurance Program through to 20 December.
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A “hiccup” in the storm’s structure means it is now tracking more slowly towards Florida, according to the NHC.
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The trade association says reforms would reduce participation in the US flood programme and stifle private market growth.
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The plan would have “enormous unintended consequences”, the industry association federation says.
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The proposed legislation would enable the state’s governor to tap the ILS market for coverage.
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The Independent Insurance Agents & Brokers of America (IIABA) trade association has urged President Trump to sign the bill.
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The law was approved by the Florida legislature in late April.
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Fema has added a new $300mn catastrophe bond to its reinsurance programme.
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Bermuda was included on the EU’s 2015 blacklist.
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It could take years to determine whether or not PG&E is responsible for the 2018 wildfires.
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ILS broker-dealers expect 2019 cat bond issuance to range from $7bn to above $10bn.
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The National Flood Insurance Program has received the votes necessary to extend it to 31 May.
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The government also said it is exploring the possibility of issuing a cat bond in the near future.
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The Covea CEO’s resignation follows his company’s thwarted takeover of Scor.
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