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Weekly News RoundUP – 11th October

With analysts saying Hurricane Milton could cost insurers up to $100bn, AM Best comments that Florida property insurers and reinsurers are in for a tough time. The 5th November is just on the horizon and Verisk Maplecroft’s SRCC modelling tool has shown a number of high risk areas in the US for civil unrest. Blueprint Two testing will recommence in October according to Bob James, CEO of Velonetic.

Best’s Commentary: Hurricane Milton to Pose Severe Challenge for Florida Property Insurers and Reinsurers (Source: AM Best)
 “The upcoming January 1 renewals for property reinsurance programs could be more problematic for primary insurers because of the effects of these recent hurricanes” says Chris Draghi, associate director, AM Best.

Risk of US civil unrest highest level since BLM – Verisk Maplecroft (Source: Global (Re)Insurance)
Verisk warned conditions are “on a par” with those just before the BLM protests and riots following the death of George Floyd in US police custody, which cost approximately $3bn in insured losses in 2020.

Streamlined vanguard group to restart Blueprint Two testing in mid-October (Source: Insurance Insider)
After a bumpy ride and with a new CEO at the Helm, Blueprint Two testing is set to recommence with 4 brokers and 4 underwriters before broader market testing in the new year.

AI regulation shaping the future of the insurance industry (Source: Actuarial Post)
WTW and DL Piper share their views on the EU AI Act and its extraterritorial effect, as well as laying out how insurance companies can navigate the use of AI.

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