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...The growth in casualty insurance is intended to provide a “better balance” to its catastrophe-exposed property policies....
...The chief executive of Aon, one of the world’s largest insurance brokers, has called for better modelling of climate risks, saying conditions in the property insurance market were “stressed” after a surge...
...The syndicate will look to write business across multiple insurance and reinsurance lines, including political violence, marine, aviation and property catastrophe....
...Grosvenor, the Duke of Westminster’s property company, is launching a £900mn lending business focused on residential development, as real estate investors opt for debt investments over the risk of buying...
...The housing department has applied to a property tribunal for an order to require companies in property tycoon John Christodoulou’s Yianis Group to contribute to fixing safety issues at the Canary Riverside...
...The failure of Signa, a property empire built over the past two decades by its politically connected, billionaire founder Benko, has been the highest-profile casualty of the strains across Europe’s commercial...
...A significant part of the Signa group debt was provided by non-bank financial companies such as Dortmund-based insurer Signal Iduna, a midsized company with 12mn customers, mainly in health and life insurance...
...More than a dozen German insurance companies filed a petition with Vienna’s district court last week, a copy of which was seen by the FT, demanding an end to Signa Prime’s self-administration....
...But both property and casualty reinsurers, and their counterparts in the life business, are now attracting greater attention. Let us take them in turn....
...The insurer was likely to “receive questions about potentially buying a commercial lines [property and casualty] business at the top of the cycle . . . but the purchase price seems reasonable in this respect...
...“Ajit’s achievements since joining Berkshire have been supported by a large cast of hugely-talented insurance executives in our various P/C [property-casualty] operations,” he wrote....
...Third, a repricing of climate risks has led to a sharp rise in the cost of property catastrophe reinsurance — or insurance for insurance companies....
...Its property and casualty insurance division weakened, posting an overall underwriting loss reflecting worse conditions for areas such as credit insurance, but its major life and health insurance division...
...Continental European commercial property insurance prices rose at the start of the year for the 22nd consecutive quarter, according to an index from broker Marsh....
...A couple of months ago, my insurance company decided to raise the price of the yearly insurance premiums on our Brooklyn home by 51 per cent over three years, after more than doubling the estimated cost...
...Reinsurers, including Lloyd’s companies, are expected to bear the brunt....
...In reality, higher rates have helped property prices, because of the unique characteristics of the American mortgage market....
...Overall, property insurers paid out £4.9bn to households and businesses last year, with more than half of that to homeowners....
...Europe’s second-biggest insurer, which cemented its focus on property and casualty insurance with the $15.3bn acquisition of XL in 2018, said it would prioritise dividend growth and annual share buybacks...
...Microsoft, which owns Excel, said the company remained a “key technology partner for companies across financial services broadly, and insurance specifically”....
...Nicolas Jeanmart, head of personal and general insurance at Insurance Europe, which represents EU insurers, says: “The focus of insurers has so far been less on public health but rather on damages to properties...
...Several state banks last year unveiled new credit lines to companies including Country Garden as part of government support for the property market. But Country Garden’s sales kept falling....
...This is a poorer position to be in, but if the company were to fold the property would be protected from creditors. Sometimes a number of partners in a business own the property privately....
...Poste Italiane has excess insurance capital and has hedge protection from interest rate volatility....
...The flood maps that Fema uses to set premiums for its federally underwritten National Flood Insurance Program — which is how most Americans get flood insurance — are outdated....
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