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The bond protects Axis and its subsidiaries against systemic cyber shocks over a two-year period starting in January.
Natural disasters continue to be the leading driver of business interruption claims, Allianz reports.
Pulling back in tough times is not the right approach for our business or our society.
The federal maps are static and only periodically updated by the Federal Emergency Management Agency.
The state insurance commissioner took emergency action to suspend the agent and his business.
The U.S. has experienced a record-high 25 disasters this year that have generated at least $1 billion in damages each.
Nearly half of brokers surveyed by Chubb said their clients don't request flood insurance quotes.
Victims were left without coverage and one policyholder suffered a $1 million loss during the period.
The Swiss Re Global Cat Bond Performance Index is up 18%, while the Bloomberg U.S. Treasury Index has dropped about 1%.
Many insurance professionals are weathering today's unprecedented market hardening for the first time.