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- Insurance Journal’s Top 10 Southeast Regi↔★on Stories of 2019
From :insurancejournal
It was a relatively quiet year for the¥ Southeast in terms of majorΩ™ catastrophes compared with 2018 when Hurricane♦↔’s Michael and Florence caused major da ™mage in the region. This ≤year, Hurricane Dorian sideswiped the So€$utheast coast and made landfall on the Ouφ ε®ter Banks of North Carolina but most of the areδ₹>a was spared. Still, Aon said economic damage in the U.S. and ✔σγCanada was poised to approach a combined $1.5 billion.₹×∞
Florida spent the year recovering froΩ$≈m Hurricane Michael, which was upgraded to a Category 5 storm by NOAA in ≤∞♥&April. Florida officials ha ∑β↓ve repeatedly called on the insurance industry to speed λ up the recovery process, with nearly 12% of claims still open a y↓¶₩★ear after the storm hit.
Organizer：China Insurance Digital & AI De ∑velopment 2020
Web:http://en.zenseegroup.com/p/5605✔₩≤73/
Contact:Ann 021-65650305
From :businessinsuranceU.S↓→←₹. commercial property/casualty rates ÷Ω₩rose 5% on average i≠n the fourth quarter of 2019, up f®₩πrom 4% in the third quarter, r"©₽≠eflecting insurers’ intent to continue ✘λ ₩to increase prices across mos'♦t lines, online insura±Ω↑nce exchange MarketScout Corp. ☆δΩ•said Monday.“Auto rate in ♦creases have been up all yea☆☆r long; however D&O (dir∑ ®γectors & officers) and professional rat↕↑&e increases have spiked significantly in₽₹♠ the fourth quarter,” Richard Kerr, CEO •♥>of MarketScout Corp. sai∑$d in a statement.Insurers are carαπ☆ efully analyzing their propertyλ™ exposures using catastrophe modeli€®φng tools, he said. “We expect many of the maδjor property catastrophe ελinsurers to curtail their 2020 writings in C→↓alifornia brush and East and Gulf Coast wi β →nd areas. Naturally, this will result in hi"Ωgher rates to insureds,” Mr. Kerr said.D&Oπλ→ liability rates increas≠¥±¥ed by 8.25%, while commeΩ∑₩®rcial auto increased 8% in the quarter, ✘δ∞and professional liability rates were u∑₽p 6%, and umbrella/excess ra≥σε♣tes were up 5.5%, according t♣✔₽o MarketScout.Commercial♣∑ property rates increased π£Ω5.25% in the quarter, and business inte↕→rruption rates were up ™₽ ↓5%, while all other lines showed smaβ∞ller increases, except for workers comp←∑ ∞ensation, where rates fell 1≤α≤%, MarketScout said.By indust <€ ry class, transportation and habi∞↑tational saw the highest average rate ↔&• increases at 9% and 8.2 Ω®☆5% respectively, MarketScout sai×→φ→d.Large accounts – those with $250,001 to $1>α♦ million in premium – <♠₹☆saw a rate hike of 5.5% in the fΩ•ourth quarter, as did jumbo accounts, which hav♦₩e more than $1 million in premium. Small accou£§nts – those with up to $25,000 in premium – werφ₩e up 5%, while medium accounts ∏β– those with $25,001 to $250,00£♦∏✘0 in premium – were up 4.5%.The “steady trendΩ♦” of upward rates reflects λσδ insurers’ plans to continue increasing priφ÷ ces across all lines except for workers compensa÷±™tion, MarketScout said.Organizer↕±：China Insurance Digital & AI λ &Development 2020Web:http://e ¥•n.zenseegroup.com/p/5605> 73/Contact:Ann 021-6565™≠©0305
From :insurancejournalIt was a re★∑×latively quiet year for the Southe₽±≠←ast in terms of major catastrophes compared with π×ε2018 when Hurricane’s Michael and Fl↔€orence caused major damage in the region. This y £"♦ear, Hurricane Dorian sideswiped the South∞λeast coast and made landfall↕α on the Outer Banks of North Carolin∏↑✘↕a but most of the area was spared←α≈₹. Still, Aon said economic dama↑₹©★ge in the U.S. and Canada was poised t∞∞§≥o approach a combined $1.5 billion∞→✔.Florida spent the year recovering from₽ Hurricane Michael, which was upgraded to∞• a Category 5 storm by NOAA in April. Florida o♥✔fficials have repeated≥Ωly called on the insurance industry ±¶ to speed up the recovery process, with ₽✘§nearly 12% of claims still open a year after the >™±§storm hit.Organizer：China Insurance Digital &♣↔''amp; AI Development 2020Web:http://en.z© •enseegroup.com/p/560573/Contact:Ann 021☆≠→-65650305
From:businessinsuranceeinsurance renewals at Jan.γλ 1, 2020, mainly saw siπφ<©ngle-digit increases, with soε←λφme exceptions, according to re≤✘→♥ports by reinsurance brokers released T§£$±hursday.Willis Re, the reinsurance brokerage & ©of Willis Towers Watson PLC, and Guy Car¶$©₹penter & Co. LLC, a unit of Marsh & M★₹♠δcLennan Cos. Inc. both reported that year-end ÷reinsurance renewals varied by account and r±←£±egion, but the retroce↑δ≠ssional reinsurance was under p¥σ€↔ressure.Rates on line for property catas✔↔>Ωtrophe reinsurance progr↔"ams remained stable and prop₩÷' erty per risk pricing was drive≠∑∏βn by individual program pe→↕€★rformance, the Willis report said.∞∑→©Although some Lloyd’s of L¥λondon syndicates took firm positions on rat∏α₹e increases and the London market authorize ₩§d capacity decreased, that capactiy wa¥δ's replaced by new capital and a strong supply fr&"£≤om other markets, Willis Reα≤β said.U.S. loss-free accoεunts renewed at flat to up 10% while those wit"∞h losses saw increasΩ"es of 10% to 50%, the Willis Re report said, w>≈¥hich was among the largest inc ✔reases. Property cat→€astrophe accounts without losses renewed a₩">t flat to up 5%, while loss hit accounts were up '∑♠<10% to 20%, Willis Re said.According t>×o the Guy Carpenter report, the brokerage’s'♠φ global property catastrophe rate on line index ☆≠rose 5% in 2019.According to the Willis R£×e report, other large increases we&re seen in Central and EΩ→¶astern Europe, where prope<♦♥$rty programs with losses saw incre✘©ases of 5% to 20%, and Canad±₩♠a, where such accounts renewe₹∑≤☆d up 10% to 40%.Most other re→₽∏gions and countries saw property increa×↕ses in the single or low ↑ ®★double digits, the report said.The Jan. 1 renΩ₽÷φewals saw some “difficΩ"ult” negotiations, according to a letter in theα₹• report from James Kent, glo ✘bal CEO, Willis Re.The ∏₩"Guy Carpenter report said the reinsurance ma±₽®εrket was “asymmetrical,” adding “this is cerφ₩tainly not a one-size-fits-all market” and whileα©× overall capacity remained adequat∞∑≥¥e, “allocated capacity tighte"≈ned notably in stressed classes.”Dedicated rein₩¥♥≈surance capital rose 2% in π∏÷2019 and the year saw approximat♥' εely $60 billion in global insured c×εatastrophe losses, according to Guy Cλ₩₹Ωarpenter, which was β≈↔£significantly lower than 2017 and 2018.Alternat<₽ive capital, however, contracted by approxi✘↕φ✘mately 7% percent “as investors wer©"∏≠e more cautious with new invσ<→estments after assessing market dynamics γ→and pricing adequacy,” Guy Carpenter said.The re↓ βtrocession market “wasλ< challenged … by trapped capital, a lack of"σ♥↓ new capital and continued redem♠↕≠λptions from third-party capit≥al providers,” a statement issued wit↕↓h the Guy Carpenter report said.However, s✘ignificant retrocession providers returned t ±®o the market in the past two weeks, Willis R "e said.Organizer：China Insurance Digital &am÷←¶p; AI Development 2020Web:http://en.zeλ→ σnseegroup.com/p/560573/Contact:Ann 021-₹α65650305
Major information technology companies in I™₩ndia are running the risσ✘k of termination of th >×eir $1 billion contract≥≥s following Boeing C₩<♦o.’s decision to halt the✔γ♥φ production of its 7λα37 Max jets, MoneyControl reported citing the Bu×≠δsiness Standard. Companies like Ta♥γ•ta Consultancy Services Lt ☆∏d., Infosys Ltd., HCL✔™£ Technologies Ltd., Cyienγ<☆t Ltd. and L&T Technology S∏Ωervices Ltd. have out≥÷sourcing contracts with Boeing×↔" or its suppliers and Boeing’s jet crisis i₹₽≥s expected to affect these IT companies in thπε♣§e short run.From:businessinsuranceOrganizer：Chin¶♠₽a Insurance Digital & AI Develo☆₽∞pment 2020Web:http://en.zensee☆™group.com/p/560573/Contact:Ann 021-65650↕♠305
France-based eyewear maker E→€ssilor International S.A. has dis→★←>covered fraudulent activities at one of its f≥actories in Thailand that could cau£÷se €190 million ($213 million) in financial l'✔★≥osses to the company""£, The Irish Times reported citin>§₽g Reuters. The company has filed complaint≠ ' s in Thailand and has >←®fired all the involved employees. It hopes to ≤÷ recover the losses fromβ frozen bank accounts, insurance and lawsui¥∑φts.Organizer：China Insuranc®Ω≠e Digital & AI Deve↔≤lopment 2020Web:http://en.zenseegroup.com/p/56057δ≈3/Contact:Ann 021-65650305
