Underwriters in the contingency (re)insurance market are retrenching from writing weather-related event cancellation cover in the UK market after a summer of heavy rain, Inside FAC has learned.
According to one of the leading brokers in the London contingency market, capacity at present is severly restricted as a result of accumulated losses: "a number of carriers are no longer willing to write weather cover for UK events", he said, including some "well-established players" in the market.
While there don't appear...
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