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...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...
...Munich Re’s main insurance business Ergo provided about €700mn in loans, while Germany’s fourth largest insurance group R+V lent €500mn, more than half of which is not collateralised, according to the documents...
...The syndicate will look to write business across multiple insurance and reinsurance lines, including political violence, marine, aviation and property catastrophe....
...The growth in casualty insurance is intended to provide a “better balance” to its catastrophe-exposed property policies....
...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...
...Further reading: — What’s going on with US car insurance? — Unhedged episode on auto insurance — Allstate is a BBB credit now — The insurance storm continues — Car insurance! Again!...
...Allstate’s 2Q underwriting results (as measured by its “combined ratio”) highlights what can happen when weather and economic conditions turn against property and casualty insurers....
...Mayhem persists among the US’s property and casualty insurers. Auto-insurance businesses are still losing money....
...Andy Haigh Director of Climate Positive Solutions, Grosvenor Property UK, London W1, UK...
...Third, a repricing of climate risks has led to a sharp rise in the cost of property catastrophe reinsurance — or insurance for insurance companies....
...“We would acknowledge that this is not going to be some sort of a V-shaped recovery. There are going to be plenty of troubled deals in the market,” added Gray....
...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...
...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....
...The move will make Sampo the largest pure property and casualty insurer in the Nordic region....
...On a conference call with analysts in January, Gray said Breit had “weathered the storm” in real estate markets, but he warned that Blackstone did not expect to see a “V-sharped recovery” in property values...
...Microsoft, which owns Excel, said the company remained a “key technology partner for companies across financial services broadly, and insurance specifically”....
...Picking the timing of that is harder,” said Gray....
...Yet a series of creative financings led by Leiv Synnes, the chief executive parachuted in last year, have kept the company ahead of its creditors....
...Its insurance customers carried lower costs of capital than banks, making them a good home for many loans, said Gray....
...Insurance companies are fleeing Florida as costs to insure property have increased dramatically....
...The transport companies were so busy moving art, they ran out of trucks.” If Germany wants this art back, “the law should be scrapped,” says Blau....
...in the property empire before its collapse....
...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....
...The staging company lugged it around town in a van....
...Overall, property insurers paid out £4.9bn to households and businesses last year, with more than half of that to homeowners....
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