Weather
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The insurer said it has received 19,000 claims from affected policyholders so far, with nearly 65% of these coming from customers in Queensland.
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The CCRIF has paid out $265mn since its inception in 2007.
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A total of 10 events caused more than $1bn in losses each.
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Tornados in the first six months of the year in the US were slightly above the 27-year average.
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Fort Lauderdale Hollywood airport was forced to close as a result of the flooding caused by the 25 inches of rain that fell on Wednesday and Thursday.
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The issuance is replacing $400mn of cat bond coverage placed in early 2020.
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The state is contending with flash flooding, mudslides, rockslides, power outages and high winds.
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Landslides, avalanche risks and submerged highways are just some of the extreme consequences of the storms.
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The city of Buffalo in New York state was worst impacted, but power was also knocked out in areas stretching from Maine to Seattle.
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A special session in December and prohibition of assignments of benefits have been cited on the Florida campaign trail.
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The storm, currently 285 miles south of Charleston, is expected to make landfall as a hurricane on Friday.
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Georgia, Virginia and the Carolinas have declared a state of emergency as the storm moves north.
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The storm has sped up considerably over the past six hours.
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The storm is currently at Cat 4 strength but will weaken to Cat 3 as it approaches land.
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New research estimates one in six chance of magnitude 7 or higher eruption this century.
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The new recruit has worked for Argo, Allianz and the European Space Agency.
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This is UPC’s latest attempt to downsize after offloading part of its personal lines business to HCI.
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The pooled parametric insurance arrangement was trigged by localised drought.
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As part of the deal, ICEYE will provide Fermat with near real-time flood data for large-scale events.
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Windstorm Nadia/Malik was one of several to strike the region this winter.
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The 2020s is the key decade for action to limit global warming and its impacts.
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The issuance will be the fifth time to market in FEMA’s cat bond series
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This is the first natural catastrophe loss under the World Bank series of ILS deals since 2019.
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As the renewal is expected to spill over into 2022, the two-speed market will put pressure on retro-reliant carriers.
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The firm’s estimate fell at the lower end of the range for historic Top 10 tornado events.
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Aon’s Impact Forecast has suggested that only a limited portion of the loss will pass to reinsurers.
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The storm tore through north-western Europe in October, with major losses in France, Germany and Belgium.
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The firm’s senior meteorologist noted activity was in line with expectations on major storms, if not all named storms.
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The storm has dumped more than nine inches of rain on the city of Houston and risks further damage to Ida-hit properties.
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The 13th named storm of the season made landfall in the Florida Panhandle on Wednesday.
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It is not so much the size of the hit, as the regularity of moderate cat events that is worrying risk-takers.
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It recognised the debate surrounding the “plausibility” of such scenarios.
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At least 22 people have been killed, with 3,000 power outages reported in Humphreys County as of Monday morning.
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The hurricane made landfall near Tulum, registering a 986mb pressure reading.
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While the total number of hurricanes has not changed significantly, the global proportion of major hurricanes has increased over the past 40 years.
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The tropical depression looks set to hit the Sunshine State in the early hours of Saturday morning.
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NHC says the weather system is likely to threaten Florida by the weekend.
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The German insurance association called the low-pressure system Bernd ‘one of the most devastating in recent history’.
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The deaths were reported in the town of Bad Neuenahr-Ahrweiler, south of Bonn and west of the Rhine river.
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The storm was the earliest named E storm, forming nearly six weeks earlier than average.
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A spell of tornadoes, rain and hailstorms across the continent drove the loss activity.
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It hit north of Tampa, and storm surge warnings for wider Gulf Coast were discontinued.
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It was upgraded to a category one hurricane by the National Hurricane Centre last night before being downgraded in a public advisory at 2am (EDT).
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It said the current threat posed by Tropical Storm Elsa was an example of storms being more likely to hit America’s Eastern Seaboard this season.
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Executives including AIG CEO Peter Zaffino, Aon CEO Greg Case and Munich Re CEO Joachim Wenning have joined the task force, chaired by Lloyd’s.
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The reinsurer’s analysis of 20 research groups’ predictions points to a busier season than usual.
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As new modelling tools emerge, we look at the benchmarks that ILS managers believe are appropriate for long-term stress tests and the shorter-term challenges.
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Funding from the UK and Germany will support early action and the managing of disaster risks in less wealthy countries.
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Named storm predictions held stable from the agency’s April update at 17, up from an average of 14.
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The agency projects four major hurricanes and anticipates overall activity around a third higher than long-term norms.
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Andrew Siffert said the weakness of the Fujita method for rating hurricane speeds was that it was partly based on damage caused.
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This week the administration pledged extra money for a programme supporting catastrophe-resilient infrastructure.
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The official US forecaster said it did not expect activity to reach last year’s historic peaks.
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The monthly tally came in 14% lower than the $632mn reported a year ago.
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Severe and winter weather losses in the US hit $21.4bn during January-April, equity research analysts estimate.
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The region braces for a potential Category 1 landfall.
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The company also procured approximately $180mn of incremental limit for earthquakes.
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The deal will be fronted by Hannover Re but will provide coverage to the state backed carrier.
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Most damage to private and commercial property was covered, but agriculture losses were uninsured.
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The yardstick will allow insurers and financial institutions to assess companies’ transition plans against the 2015 Paris Agreement.
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The initial loss figure was A$1.23bn, with a second report putting the loss at around A$1.3bn.
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The carrier racks up losses from Uri and Filomena as well as deterioration on Laura and Sally.
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The weather and nat cat analyst is expecting four major hurricanes this year.
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Property losses make up 96% of claims.
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Cat bond market exuberance seems to be mismatched against overall ILS sentiment.
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Analyst Philip Kett estimates US winter weather losses at $15.3bn.
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The forecaster sees only a 25% chance that the enhanced activity will reach the “hyperactive” levels seen in 2020.
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States most impacted include Alabama, Mississippi, Texas, Georgia, and Tennessee.
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The industry association reports 37,858 claims lodged so far.
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Researchers at Colorado State University (CSU) are expecting an above-average hurricane season for 2021, including up to 17 named storms.
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The data company describes the first quarter as benign.
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The reinsurer finds secondary perils accounted for over 70% of natural catastrophe claims.
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The industry association reports that about 29,213 claims have been received so far.
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Environmental, social and governance concerns are of growing importance to the ILS industry, but work remains to be done on building a consensus about concrete goals.
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The state-backed carrier has instructed broker Guy Carpenter to renew a slightly smaller initial programme than the $2.1bn it placed last year, but will consider options for additional cover.
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The models will be available in June initially for North Atlantic hurricane, Europe inland flood and Europe windstorm.
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The Insurance Council of Australia says carriers have already received 5,000 claims.
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Schools, state agencies and Covid-19 vaccination hubs were closed as a precaution.
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A survey from the Bermuda Monetary Authority found almost 60% of P&C insurers have not changed their business strategy in response to climate change.
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The reinsurer’s ceded major losses were down 2% year-on-year, despite its net retained cat losses spiking by two-thirds to EUR1.6bn.
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Ageing infrastructure is a more obvious culprit for the high insured losses, BMS’s Andrew Siffert said.
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The modelling firm said its study aimed to help insurers “plan for the worst and hope for the best”.
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Markdowns have wiped more than $220mn off the value of $1.6bn of aggregate cat bonds benefitting major US insurers after the Texas Big Freeze.
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Policyholders have filed some 730 claims after fires hit hills outside the western city.
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The modeller said it is “likely” that the number of claims could exceed the high of Hurricane Harvey in 2017.
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A weakening La Nina and warm sea temperatures in the tropics raise the specter of elevated catastrophes for the rest of the year.
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Some pointed to low average costs to fix burst pipe claims, while others warned that BI could drive up losses.
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Aggregate cat bonds and quota shares may be exposed although the loss would typically be expected to skew to the traditional binders and insurance market.
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The ratings agency says it will continue to monitor whether the cat event could affect the rating outlook for any entity.
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The veteran risk modeller says claims will be driven by the combination of anomalous temperatures that are well below average in a region unprepared for such a sudden freeze.
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The nature of the event means that more losses may take time to emerge.
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In a note to clients seen by this publication, the risk modelling firm says the event may break records for insured winter storm losses.
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The carrier also expects to report $23.4mn of reserve strengthening in its results on 25 February.
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The climate forecaster claims that the underlying assumption may be faulty.
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The last loss tally was 1.7% ahead of an August 2020 estimate for the storm, which exacerbated floods caused by EUR1.57bn event Ciara.
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The loss estimate for the February 2020 event is up 3% on an August assessment.
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The final loss estimate fell by 2.5% as Perils said similar-sized losses could recur every three years.
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The Australian carrier has also modestly increased its reserves for Covid-19 BI claims.
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The event was the third Australian hailstorm event of 2020 reported by the data aggregator.
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The industry should expect similar losses in any given year, BMS vice president Andrew Siffert said.
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The broker’s figure is 40% higher than its annual average for the 21st century, with the bulk of losses coming from the US.
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Storms tore through four states in January last year with hailstones up to 6cm in size.
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The uplift in insured losses would be much lower due to underinsurance for storm surge and flooding damage.
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Cat losses will cost up to $80mn, down from last year’s $140mn, as the carrier indicated underlying results continued to improve in Q4.
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Citizens projected it would cede $94mn in storm losses to reinsurers but has cut this to $62mn.
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The move comes as environmental policies move up the list of investor priorities.
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Losses were relatively evenly divided between the two events.
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The 12 Days of ILS Christmas
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Claims arose from events including Hurricane Delta, Hurricane Zeta and Tropical Storm Eta.
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Natural catastrophe losses were up 40% year-on-year to $76bn, 7% above the 10-year average.
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Aon’s Impact Forecasting put total insured losses across various events including Hurricane Eta at $1.2bn or more.
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This third payment will be the largest yet received by Central American country.
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Nearly 80% of respondents said underwriting capacity decreased in the quarter.
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The storm becomes the 30th tropical cyclone to form in this year's Atlantic hurricane season.
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A paper in the journal Nature argues that climate change is fuelling the problem.
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The storm caused flooding and storm surges along Florida’s Gulf Coast
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Purchasing the analytics firm will help Willis meet growing demand for climate change services.
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The storm struck a state park area around 135 miles north of Tampa.
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A hurricane watch is in effect for a 150-mile stretch on either side of Tampa.
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The storm is set to weaken to a tropical depression before making landfall.
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The last-resort carrier met its retention after Hurricane Laura, but expects over $128mn in total insured losses from the 2020 storm season.
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Forecasts show Eta affecting the southern tip of Florida as it turns in the Gulf of Mexico.
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The storm battered Central America as a hurricane last week, causing widespread damage and at least 57 deaths.
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Forecasters warned that the storm’s course remains relatively uncertain at this stage.
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Further cat losses could be covered under activated aggregate reinsurance deals protecting IAG and QBE.
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Zurich-based manager Plenum said a partial loss of the $150mn Philippines wind bond seems likely.
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That figure compares to pre-landfall loss estimates in the low-single-digit billions.
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The storm has also struck areas of Alabama still struggling to recover from Hurricane Sally after its Category 2 landfall in Louisiana yesterday.
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New Orleans may fall outside the strongest winds but the storm's possible track has drawn closer to the urban centre.
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The storm has gained strength after earlier forecasts put it at a Cat 1 landfall strike.
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The storm is predicted to hit “at or near” hurricane strength before continuing northwest.
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Forecasts point to landfall on the Louisiana/Mississippi border, bringing rain and possible flash flooding.
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The storm is forecast to bring heavy rainfall and possible flash flooding when it arrives in the US early on Wednesday morning local time.
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The East Troublesome and Cameron Peak fires are two of the largest blazes in the state, with fears they could merge.
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Around 95% of the loss was property damage, mainly residential.
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Claims forecasts have so far fallen in line with loss expectations well below $5bn.
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The modelling firm estimated $950mn would come from US losses, with $300mn in Mexico.
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A report by the reinsurance broker says that just over $3bn of insured losses occurred in Iowa.
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The NHC emphasised uncertainty over the intensity outlook for the storm's Gulf Coast landfall.
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The storm is currently expected to make landfall as a Cat 2 hurricane.
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The storm is equivalent to a Category 1 hurricane.
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Transparency and offering users the ability to adjust models would help advance the industry, panellists said.
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States of emergency have been declared as far east at Florida.
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Violent waves and a storm surge of as much as 9-13 feet above normal tide levels will likely cause damage across the coastline.
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The storm is forecast to reach Mexico on Wednesday and hurricane warnings are in effect.
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The 25th named storm of the year may become the 10th named storm to impact the US this year.
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The backstop vehicle expands its offer beyond the 22 Caribbean and Central American states it currently services.
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EMC and Church Mutual turn back to reinsurers after devastating wind losses.
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Structures damaged or destroyed include the Meadowood Napa Valley resort and Medieval-style winery Castello di Amorosa.
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All three fires are prompting evacuation orders in Napa and Sonoma counties.
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Climate variations will likely spur demand for ILS capital to help reinsurers manage peak US hurricane exposure, the manager said.
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The National Flood Insurance Program is expected to take $400mn-$800mn of losses.
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Rain and storm warnings are in effect for the provincial capital city of Halifax.
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The Canadian Hurricane Centre described Teddy as a “very large and powerful storm”.
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The NHC expects “significant flash and urban flooding” to continue.
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July rains and typhoons Maysak and Haishen severely damaged Kyushu region, the body said.
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The Pensacola Bay Bridge was recently rebuilt in a $430mn investment project.
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Major reinsurance carriers like Munich Re, Hannover Re and MS Amlin are significant providers to some of the state's regional carriers, analysis suggests.
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The storm is expected to move across southeastern Alabama before hitting central Georgia on Thursday.
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Life-threatening storm surge is already occurring along the coastline from Alabama to the Florida Panhandle, including Pensacola Bay and southern portions of Mobile Bay.
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Severe convective storms account for almost 60% of insured losses, the company said.
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The storm is expected to cause “historic life-threatening” flash flooding, according to data from the National Hurricane Center.
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Micro-insurance and parametric products show promise in extending cover, speakers said.
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The storm has not intensified as much as feared, but hurricane warnings remain in effect for New Orleans.
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The US National Weather Service issued a critical fire weather warning for parts of Idaho, Montana, California, Nevada and Oregon on Monday.
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The NHC has put a hurricane warning in place for Lake Maurepas including the city suburbs.
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Wind and hail-related property damage is expected to be covered, but a “sizable portion” of crop losses may not be.
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Record heat, dry conditions and strong winds have helped wildfires spread, Aon said.
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Still some way off Category 1 intensity, Paulette is expected to reach the Leeward Islands on Thursday night.
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The bulk of the payout – $7.2mn – relates to excess rainfall cover.
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The typhoon was far less destructive than early forecasts suggested, according to claims-adjusting firm Sedgwick.
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EMEA cat rates have failed to reprice while US and Japan markets have been more reactive, the firm noted.
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The storm brought record amounts of rainfall to southern Japan, with authorities warning of landslides.
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An “excessive heat watch” is in effect for coastal, inland and foothill regions, Cal Fire has warned.
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The National Hurricane Center has warned of storm surge and hurricane conditions in the country.
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The typhoon, which is expected to make landfall on the peninsula on Thursday, is being compared to the devastating Typhoon Maemi in 2003.
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The storm, which is heading for Belize, is also expected to bring “dangerous” surges, according to the NHC.
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The storm is forecast to make landfall in the Korean peninsula within 36 hours.
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The February flooding took total UK winter losses to £775mn.
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On its current forecast trajectory, the storm will hit Little Rock, Arkansas, where it could cause flash flooding.
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AM Best draws a comparison with $6.4bn Hurricane Rita as Laura’s strength approaches Cat 5.
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The hurricane is expected to track north-northwest and make landfall later tonight.
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Buyers and sellers are eyeing a 20% RoL, but contracts have yet to trade.
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Forecasters predict landfall around 100 miles to the east of Houston.
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The Category 3 storm is set to move further away from the west coast of the country, which has been downgraded to yellow alert.
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Shipping is currently heading away from the port of Houston for safer waters, according to live vessel location information.
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The storm is due to impact the west coast on Thursday after hitting southern island Jeju today.
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Sources estimated combined property and crop claims could reach $4bn up to $10bn.
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The blaze in northern California has so far burnt more than 350,000 acres and is 22% contained.
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Marco is forecast to make landfall in Louisiana on Monday, with Laura hitting Texas by Thursday.
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The storm is predicted to hit the US Gulf of Mexico on Wednesday as a Category 2 storm.
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The storm is expected to affect the west coast of the country, including Seoul, before making landfall in North Korea.
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President Trump releases federal aid for the fires, which include the third-largest blaze in California’s history.
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The weather system dubbed “Nine” is currently off the east coast of Taiwan and appears more likely than not to hit as tropical storm on Saturday.
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Storms could develop into hurricanes before striking the US, but long-range outlooks are uncertain.
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The now tropical storm is expected to move further out into the Pacific and become a tropical depression by tomorrow.
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Almost 350,000 acres burn in the Golden State as firefighters battle two major blazes west of Denver.
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A fire tornado is formed when rising heat combines with turbulent wind conditions, creating towers of flame and ash.
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The storm system is not currently forecast to make a US landfall, although could impact Bermuda later next week as a tropical depression.
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The modelling agency included $400mn to $700mn of losses to the US government’s National Flood Insurance Program as part of its estimate.
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Tornadoes, hail and strong winds hit the eastern half of the US last week.
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The updated total of A$958mn ($675mn) includes additional property and motor damages.
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The developing world specialist insurer is looking for input from ILS funds and reinsurers.
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The Texas state-backed carrier secured $2.1bn in cover for the 2020-21 hurricane season for $107.5mn above the $93.1mn budget.
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Insurers need to “be ahead of the game” on rate increases, company officials told Trading Risk.
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Loss estimates outstrip early expectations.
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The meteorological service has lifted its hurricane estimate from six to 10 to seven to 11.
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Sources say initial modelled loss data converges on another sub-$1bn loss with wider variations than over earlier 2020 storms.
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Reports of flooding in eastern US states as millions were left without power.
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The storm is producing tornadoes on its way up the US east coast.
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Parts of South and North Carolina are under hurricane warning but the storm is expected to bypass the city of Charleston.
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The storm is now expected to make landfall in the Carolinas late Monday.
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Isaias is currently a Cat 1 hurricane and is nearing Andros, the largest island in the Bahamas.
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Florida could face heavy rain and flooding as a result of Isaias, the National Hurricane Center (NHC) has warned.
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NFIP claims are expected to make up about $100mn of the claims tally.
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Puerto Rico, the US and British Virgin Islands and other territories are under storm warning.
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The estimate includes privately insured wind and storm surge damage to homes, commercial properties and cars, but not NFIP losses.
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The storm remained offshore but lashed Kauai with rain.
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Rainfall in some areas could lead to flooding and landslides.
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Notices of legal action jumped 65% year on year to an all-time high in H1 2020.
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Barbados and St Vincent are under hurricane watch from Gonzalo while Tropical Storm Hanna will bring heavy rain to parts of the Texas coast.
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Barbados is on a hurricane watch.
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Six-month figures beat long-term average of $20bn with North American natural disasters driving the majority of the losses.
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The storm breaks the record for the earliest seventh named storm of the season.
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Over 200 nat cat events occurred in H1 2020, topping the 20-year average.
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Assignment-of-benefit claims spiked in June from the prior month.
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Claims on 15 cat events impacted the carrier, with most losses related to April.
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Hailstorms across the Midwestern US will likely add to substantial losses this year.
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Damage to property and automobiles stretches across five states, the agency said.
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The claims emanate from 14 weather events and amount to $12.8mn on an after-tax basis.
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Several US states were hit by tornadoes, heavy rainfall and large hail in July.
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Bushfire losses make up just over 40 percent of the total claims bill.
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The Calgary hailstorm in mid-June could become the fourth-costliest nat cat event in Canadian history.
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The research team increased its estimate for named storms in 2020 from 19 to 20.
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The estimate marks a 19 percent deterioration on a February forecast.
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The interim CEO said this marks a new era for the utility firm.
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The deal settled at the low end of the revised spread guidance.
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Earlier this week, Guatemala received a $3.6mn payout for losses incurred from tropical storms Amanda and Cristobal.
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Tropical Storms Amanda and Cristobal triggered the country's excess rainfall cover.
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The utility expects to emerge from Chapter 11 in July after a bankruptcy court approves its settlement.
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The deal will add to $125mn of ILS cover that the electricity provider has from an earlier transaction.
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Calgary storm could rank among Canada’s costliest cat events, according to Aon.
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High Atlantic sea surface temperature is one driver of the forecast.
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The estimate for the third named storm of the season covers privately insured wind and storm surge damage.
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US convective storm losses have already topped $13bn for the year.
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Surge warnings are in place, with the tropical storm forecast to move across Arkansas and Missouri.
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Cristobal could impact the Gulf Coast as a tropical storm late on Sunday.
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The university scientists now expect nine hurricanes, up from eight in their earlier forecast.
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The second named storm of the year is to make landfall at around midday local time.
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The US government agency said it expects between three and six major hurricanes in the Atlantic Basin this season.
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Colorado State University released updated predictions that this year’s season would be stronger than average.
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NOAA said there is a 75 percent chance of near- or below-normal tropical cyclone activity this year.
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The platform said a narrowing spread between buy and sell offers on ILWs suggests more trades will clear.
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Some argue that what appears to be a stepping back by Japanese investors may just be a pause as investors switch managers.
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The carrier expects to restructure quota share and aggregate protections after heavy losses.
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Tornado outbreaks along with thunderstorms caused significant damage.
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Losses from 2019 Japanese cat events have risen by nearly 13 percent since mid-March.
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The data firm’s latest survey shows $108bn in premiums across 236 million policies in Europe and Australasia this year.
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Windstorms and heavy rain earlier this month were already likely to cause over $1bn in estimated insured losses.
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There were at least 121 confirmed tornado touchdowns from Texas to Maryland from 10-14 April.
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The scheduled capital release next month stems largely from 2019 side pockets, the company said.
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There are also likely to be substantial property insurance claims.
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The forecaster expects activity to be 5-10 percent higher than the past 10-year average.
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The firm revised its 2019 estimate for insured disaster losses up by $4bn but kept Typhoon Hagibis under $10bn.
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The region will see a fifth consecutive year of tropical storms that are stronger than average, the firm predicts.
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Property damage in eastern Australia totals $488mn, according to an initial loss estimate by Perils.
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The majority of losses hit the UK, Germany and Belgium, estimates show.
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The ICA has increased its estimate for the January hailstorm total losses to A$1.2bn.
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The total has increased 30 percent since December, the General Insurance Association of Japan said.
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Pricing for quake exposures is understood to be broadly flat.
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Pricing has moved to the top of the guidance range, sources said.
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The ratings agency also said ILS capacity would ‘hold the line’ on returns following catastrophes.
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The firm's K sidecar avoided major Dorian claims, as the firm also grew its whole-account covers.
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The European storm was the most expensive cat event of February, followed by US winter storms that cost nearly $700mn.
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The APRA’s chairman says carriers are well placed to pay out claims and respond to new events.
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The loss aggregator lifts the tally by EUR10mn from its previous prediction.
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Insurers are facing estimated losses of £363mn ($473.7mn) from storms Dennis and Ciara, which caused widespread damage in the UK during February.
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GWP was up 53 percent in the last quarter, reflecting the growth of the InsurTech subsidiary.
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The losses include those of the parent company as well as Monarch National Insurance Company.
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The losses were initially pegged by the Insurance Council of Australia at A$320mn ($211.5mn).
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First-event cover and the level of per-event deductibles in aggregate typhoon deals are being re-examined.
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The fund helps compensate victims for losses from fires started by the utilities’ equipment.
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Scor posted a fourth-quarter operating loss of EUR29mn ($31.7mn) for its P&C unit, which was almost two thirds down on the prior-year quarter’s loss.
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The Cambridge Centre for Risk Studies released an index analysing extreme weather risk.
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The carrier said it has already secured two-thirds of the private reinsurance limit it will place this year.
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Projected Ciara/Dennis losses for major local insurers are expected to be below reinsurance retentions.
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The GDV says natural events caused EUR3.2bn of insured losses in Germany in 2019.
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The deal will take total cat bond cover available to the National Flood Insurance Program over the $1bn mark.
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Ciara and Dennis could be the most significant European windstorm losses since 2018.
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The insurer lifted the attachment on an aggregate portion of its group reinsurance treaty, which was otherwise unchanged after its restructure for 2019.
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The storm struck parts of Ireland and the UK on 9 February, before moving to mainland Europe.
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The cyclone will hit Western Australia this weekend.
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There is room to scale up existing risk transfer pilots, said Dfid’s Nick Dyer at Aon's Collaborating to Close the Protection Gap conference.
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The pricing targets imply a minor uplift in the premium multiples on offer.
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The cat loss figure is 2.4 percent of Everest Re’s total shareholders’ equity of $9bn.
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The political boards will consider future funding structures for the insurer of last resort as well as a possible merger with the Texas Fair Plan.
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The pricing benchmark on the low-risk quake bond has risen 10 percent above a similar 2018 transaction.
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CEO Mike Sapnar said losses in the last two years have wiped out premiums.
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The topsy-turvy nature of the past few years for the ILS market is apparent when you look at our half-yearly surveys of assets under management.
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The carrier issued a profit warning as it revised up projected annual cat losses and forecast lower reserve releases.
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Hagibis, Faxai and flooding in the Mississippi River basin were the costliest events.
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The Insurance Council of Australia lifted its claims tally by 27 percent from its initial figure, with aggregate deductibles the main reinsurance exposure to the loss.
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The (re)insurer faced increased losses from Hurricane Irma alongside Typhoon Hagibis and wildfire claims.
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The storms will compound wildfire losses and put reinsurers on Suncorp's aggregate covers on watch.
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Quota share and aggregate-property cat contracts are under watch as a result of the recent Australian bushfires but occurrence covers will probably remain mostly unscathed, sources expect.
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Cat bond fund returns rebounded in 2019, with widely divergent experience among ILS funds investing in private instruments.
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The exposure to this transaction across private ILS strategies varies from 1.7 percent to 1.9 percent of November's portfolio, the manager said.
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The company’s Francis Bouchard said climate change was “one of the most dangerous and most complex risks we face”.
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The most likely global risks relate to climate change and environmental issues for the first time, according to the WEF’s 2020 Global Risks Report.
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The US experienced twice the number of billion-dollar events in the 2010s than in the prior decade.
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As more claims emerge from the December-January fires, aggregate reinsurance contracts will be exposed to rising losses.
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The reinsurer pegged 2019 cat losses at $52bn, in line with long-term averages but 40 percent lower than 2018.
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The bushfires have drawn attention to extended hours clauses that allow insurers to group together claims as a single event.
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The Australian insurance organisation put cumulative insured losses at A$431mn ($299.1mn) for the bushfire season.
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It also put an A$166mn tally on a November Queensland hailstorm.
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The 2018 event cost insurers A$798mn, but storms and bushfires over the past month are not yet costly enough to be tracked by the agency.
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The loss tally includes a $7bn loss estimate for Typhoon Faxai and $8bn for Typhoon Hagibis.
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A bankruptcy court judge approved the utility's planned settlements with insurers and victims yesterday.
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California Governor Gavin Newsom told PG&E on Friday that the current deal fails to comply with state law.
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The Colorado State University experts had previously questioned whether an active period which began in 1995 had ended.
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Approval of the settlement agreement puts PG&E on a path to emerge from Chapter 11 by 30 June, which is the deadline to participate in California’s wildfire fund.
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An estimated 683 homes have now been burned as a result of the blazes.
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Varying levels of Japanese exposure led to a wide range in individual fund returns.
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The typhoon is expected to reach Category 3 status by Tuesday local time, but the ILS cover is geared towards payouts for even stronger events.
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It used to be called “diworsification” – a phrase coined by Dowling analysts that took hold and became the industry's standard jargon for low-priced international catastrophe risk back around 2011.
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Late November flooding in parts of southeastern France and northwestern Italy follows an active year for weather losses in Italy.
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Nippon Steel is expecting to cede an 8bn yen property loss to the commercial (re)insurance market.
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Axis said the range was consistent with expectations that it would take on less than 1 percent of industry-wide claims from the catastrophe.
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The cover will be provided by a consortium of 56 insurers, according to reports.
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Losses could have eroded as much as 44 percent of the carrier's aggregate deductible.
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The General Insurance Association of Japan also announced 235,225 claims have been paid out for Typhoon Hagibis.
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A long-running inquiry is looking at proposals to set up a public cyclone reinsurance scheme to mitigate affordability concerns.
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Incurred losses from Hurricane Michael have risen another 4 percent to reach $7.4bn, according to the Florida Office of Insurance Regulation.
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The Insurance Council of Australia has tracked A$110mn ($75mn) of bushfire losses as it declared the Sunshine Coast hailstorm a catastrophe.
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Hurricane Dorian and Typhoon Faxai losses have hit (re)insurers following a relatively benign first half of the year for catastrophe activity.
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The deal covered damage from the 2017 Thomas and Koenigstein fires and the 2018 Woolsey Fire.
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The New South Wales Rural Fire Service has forecast catastrophic fire conditions – the gravest possible forecast.
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The capital will help those affected by drought during the 2019 agricultural season.
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News of adverse development from the two Floridians may point to a market-wide issue.
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Latest loss estimate comes after the company had estimated Faxai losses of $5bn to $9bn.
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CoreLogic exposure data suggested homes worth hundreds of millions were at risk.
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Wildfire recoveries benefitted DaVinci investors and RenRe's retro partners in Q3.
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At this stage, destroyed property numbers remain well below the thousands impacted in the major 2017-2018 fires.
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This came as the deal priced at the bottom of the initial range at 515 basis points (bps), according to sources.
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The firm's reinsurance CEO John Doucette said the firm saw “select opportunities” to grow its retro book.
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According to the Insurance Council of Texas, the outbreak on 20 October is the costliest tornado loss in the state’s history.
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Scor Global P&C CEO Jean-Paul Conoscente said the reinsurer’s main retro programme is expected to be placed within a fortnight.
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Over 70 percent of the losses come from Hurricane Dorian.
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The finance from the Global Risk Financing Facility (GRiF) will support Jamaica in expanding its financial protection.
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The firm is the first risk modeller to issue an official estimate after the typhoon made landfall in Japan on 12 October.
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A stronger storm, Typhoon Bualoi, is forecast to pass to the east of the country.
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Tropical Storm Nestor made landfall at the St Vincent nature reserve off Florida's northern Gulf Coast on Saturday afternoon.
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Tropical storm and storm surge warnings are in effect for the region.
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The investment manager, which is currently in run-off, is also monitoring the impact of Typhoon Hagibis.
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AIG had $550mn of cover for Japanese losses, analysts at Credit Suisse noted.
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The Bermudian reinsurer expects to pay out about $100mn in losses from Faxai and about $55mn for Dorian claims.
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The Saddleridge fire has destroyed 17 structures and damaged a further 77 properties.
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Gross cat losses for Japanese insurers this year could top 2018’s 1.6tn yen ($15bn) following Typhoon Hagibis, according to equity analysts Jefferies.
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Saddleridge is one of several wildfires to have hit California in recent days, with nearly 160,000 acres and 134 structures destroyed.
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The wildfire is threatening 13,000 homes and more than 100,000 people have evacuated.
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The storm is now at Category 4 strength, and tracking to make landfall in Japan at Cat 3.
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The provider said the losses were driven by the impact of Hurricane Dorian and Japanese typhoons.
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Meanwhile, insured losses from Typhoon Faxai will approach $5bn, according to the September Global Catastrophe Recap.
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Two Rugby World Cup matches scheduled to be played in Japan on Saturday have been cancelled.
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The capital and a number of Japanese provinces are on alert as the likelihood of an impact from Typhoon Hagibis this weekend increases.
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The storm could bring Category 1 force winds to Tokyo over the weekend.
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The storm has strengthened to Category 5 but is expected to weaken to Category 1 as it approaches the mainland.
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The carrier is among the first P&C insurers to release anticipated loss numbers ahead of the third-quarter earnings season.
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Severe, unpredictable weather is becoming more frequent, said the Insurance Bureau of Canada’s Amanda Dean.
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The typhoon is forecast to become a super typhoon with minimum 150 mph winds in the next 24 hours.
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The Munich Re Innovation Syndicate will underwrite a wide range of business starting in 2020.
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The EUR45mn ($49.50mn) Atmos Re I cat bond from Unipol is likely to lose nearly 50 percent due to severe weather events in Italy, according to sources.
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The number of assignment of benefits claims in Florida increased by 40.9 percent year on year in June before the implementation of the state’s new laws designed to stamp out abuses of the system.
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Pacific Gas & Electric Company has inked its $11bn wildfire insurance subrogation claims deal and criticised an alternative plan put forward.
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Typhoon Faxai losses are unlikely to have a significant impact on the ILS markets, based on current industry estimates.
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ILS investors are unlikely to foot much of the bill from Hurricane Dorian due to the market’s low exposure to Caribbean business, according to sources.
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The risk modelling firm has released the highest estimate for industry losses so far and the top end of its prediction could hit some ILWs.
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ILS based on parametric triggers are vital in reducing insurance protection gaps and increasing resilience, the Bank of England governor said.
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The utility firm also criticised an alternative Chapter 11 proposal led by Elliott Management.
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A tropical storm warning remains in place with wind and rain forecast to affect the island in the middle of the week.
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The hurricane is forecast to have weakened to a Category 1 storm by the time it could approach the island at the start of next week.
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Non-life insurers in Japan are anticipating a 300bn yen ($2.8bn) loss from Typhoon Faxai, the chairman of the General Insurance Association of Japan has said.
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Private insurance predicted to cover “lower than normal” share of claims due to bulk of damage coming from water impact.
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MS&AD noted that losses could yet increase and highlighted its access to reinsurance coverage.
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According to reports, the island was spared the worst of the storm but has suffered power cuts.
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The storm is expected to track approximately 100 miles north of the island with hurricane conditions expected in Bermuda on Wednesday night and Thursday morning, the NHC said.
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The NHC estimates that Imelda will produce between six and 12 inches of rainfall.
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The NHC has reported that the hurricane may approach the island as a Category 2 storm.
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The (re)insurance industry should expect a Japanese loss of over $15bn at least once every 20 years, the risk modeller said.
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The firm’s estimate points to a higher top-of-the-range loss than early market forecasts of between $1.5bn and $5bn.
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The Catco Reinsurance Opportunities Fund grew again in August, continuing the trend of growth every month in 2019.
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Earlier this week the agency forecast Dorian losses to cost between $3.5bn and $6.5bn in the Caribbean.
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The system could bring tropical storm-force winds to east Florida over the weekend.
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Modelled average annual loss is less than a quarter of the economic estimate, meaning more needs to be done to close the protection gap, the modeller said.
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The country, which joined ARC this year, will receive a payment of $738,835.
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The programme has been designed to provide $2bn of excess cover for Sempra and CalEdison.
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Estimates of insured losses from Faxai are at around $3bn but sources were cautious given Jebi was initially put at the same level but became a $15bn-plus loss.
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Most losses will come from the Bahamas which are likely to account for just over $3.6bn of losses, the modeller said.
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The storm killed one person and damaged property.
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The loss tracking agency's data has been used on $17bn of reinsurance limit in its 10 year history.
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The typhoon is forecast to make landfall over the eastern outskirts of the Chiba prefecture, southeast of Tokyo, with windspeeds equivalent to a Cat 3 hurricane.
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The Category 1 storm is currently passing by Cape Lookout in North Carolina recording maximum sustained winds of 90mph.
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Karen Clark & Company said Bahamian losses from Hurricane Dorian will reach $7bn including both insured and uninsured damages.
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The hurricane is forecast to become a post-tropical cyclone with hurricane-force winds as it approaches Nova Scotia late on Saturday.
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Flooding from storm surge remains a risk for the Carolinas.
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The storm’s track was not a worse-case scenario for the islands as it avoided New Providence.
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Hurricane data provider Tropical Storm Risk predicts there is an 85 percent chance of the US mainland being hit by Category 1 hurricane conditions in the next 21 hours.
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Both North and South Carolina remain within the cone of probability for Dorian’s track but landfall is not projected.
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Hurricane-force winds now extend outward up to 60 miles from the centre, up from 45 miles yesterday.
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The storm had been sitting over Grand Bahama but is now expected to skirt Florida’s east coast later today.
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Devastating winds and storm surge will continue to affect the northern Bahamas for several more hours, the National Hurricane Center said.
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Previous Category 3-4 storms passing near Grand Bahama and Abaco caused up to $1.3bn of damage in today’s prices, according to the modelling agency.
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The NHC has warned that the hurricane will move “dangerously close” to the coasts of Florida, Georgia and South Carolina in the coming days.
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The cat bond pricing index only dropped by 0.78 percent last Friday when Hurricane Dorian was forecast to be a Florida hit.
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The hurricane battered the Bahamas on Sunday but is now not predicted to make landfall in the US.
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Hurricane Dorian has reached Category 5 status as it batters the Bahamas.
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Landfall is now expected further south than before, near the wealthy area of West Palm Beach
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The five Florida landfalls of hurricanes similar to Hurricane Dorian include Hurricane Jeanne in 2004, the modelling agency said.
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The historical median is considerably higher than for past Cat 3 Florida storms, with Irma a recent example.
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The Bahamas are likely to be struck by the storm this weekend.
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There is a 10 percent chance of the storm coming within 50 miles of Miami, according to the modelling agency.
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The storm looks set to clip southern Georgia after making landfall in Florida on Monday.
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A “hiccup” in the storm’s structure means it is now tracking more slowly towards Florida, according to the NHC.
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The hurricane is forecast to approach Florida as a major storm on Sunday evening.
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Tropical Storm Dorian is due to hit Puerto Rico later today.
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The threat to the Bahamas and east coast of Florida has increased, according to the NHC.
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Streets in Madrid were flooded yesterday as the Spanish capital was subject to hail and torrential rain.
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The reinsurance and ILS markets have spent two years talking about losses, but perhaps more focus on the good years would help reduce some of the noise in the bad years.
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The agency maintained its prediction of eight hurricanes but increased the number making landfall in the US to two and in Florida to one.
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The fund now has £159.4mn allocated to ILS through Leadenhall Capital Partners.
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Impact Forecasting said the rare tornado damaged more than 300 properties.
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Natural catastrophe losses were around $15bn, with man-made disasters coming in $4bn.
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The typhoon was the strongest storm to hit the Chinese province of Zhejiang since 2015.
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The Oregon Public Employees fund held $119.3mn in two Nephila funds at year end 2018.
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The storm is expected to make landfall in southern Japan in 48 hours before veering north-west away from populated areas.
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The sidecar’s 53 percent loss ratio was well below last year’s huge claims hit.
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The storm killed 44 people, according to reports.
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The agency has raised its forecast number of named storms to between 10 and 17, up by one to two events.
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The broker puts insured losses from Barry at $300mn, with a total economic loss of $600mn.
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CFO Vogel says he sees no further net impact from the Japanese event after first-half loss creep.
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Tropical Storm Risk predicts 13 instead of 12 named storms due to a change in trade wind speeds.
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The Florida insurer took $17mn of weather-related losses.
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The reinsurer released EUR360mn of reserves during the quarter.
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Its parent career restarted writing business in Q2, assuming $1.1mn of premiums.
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Industry leaders have lifted the expected total loss to a new high.
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CEO John Forney said it was a “tough quarter” for the business.
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The Floridian insurer also transferred $2.9mn of tornado losses to reinsurers in the quarter.
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The French reinsurer put the industry loss from the typhoon at $12bn-$15bn as it stated it is covered up to a $22bn market hit.
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The rate of increase has slowed since the start of the year.
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The seventh issuance this year takes the annual total to $134.08mn.
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On sweltering weeks like this, you can see why climate change has become a talking point that every ILS manager has to cover in their pitch for new investor mandates.
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The insurer expects to report $16mn in net catastrophe losses for the second quarter.
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The hurricane made landfall in Louisiana on 13 July but flooding damage was less than feared.
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As Tropical Storm Barry heads for the coast, historical data puts damages from similar storms at less than $1bn.
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Retro brokers are itching to get back to the driver’s wheel – but they may have to wait a bit longerThe retro market has been hard hit in the past couple of years by trapped capital and losses.
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The carrier said the ILS business was finding opportunities in the retro market where reduced capacity has “significantly improved rates”.
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Persistent US thunderstorms also prompt another month of billion-dollar-plus economic damage.
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Barry could go on to produce storm surge and tropical storm or hurricane force winds across parts of Louisiana, Mississippi and upper Texas coasts, the NHC said.
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The Colorado State outlook remains stable despite a change in the odds of a weak El Niño continuing into peak summer months.
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Assurant is paying $165mn in premium for the 1 July reinsurance renewal, before tax, a 20.7 percent increase on last year.
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It is more efficient for ILS managers and cedants to be able to give collateral clawbacks, the Credit Suisse ILS head has argued.
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The payments will flow to individuals within the fisheries industries as well as participating countries.
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Rates are said to be easing following the mid-year Floridian renewals.
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Reinsurers that have been reliant on retro cover also pared back their market share, as the broker said mid-year renewals showed tangible pricing momentum.
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A derecho event from 21-22 June travelled more than 1,000 miles across the country.
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The proposed legislation would enable the state’s governor to tap the ILS market for coverage.
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The insurer said half of the losses came from one weather event in the Midwest.
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The model will also capture sub-perils including ground-shaking liquefaction, landslide, tsunami and fire following earthquakes.
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The catastrophe data aggregator said it would provide a fourth loss estimate on 20 December.
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The weather protection market currently resembles the early ILS market, according to the Nephila managing principal.
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The Toronto-based firm had already been collaborating with Perils for the past two years.
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The streak of tornadoes in the US this May means 2019 is set to have highest level of activity since 2011 but the impact on (re)insurers will be offset by lower than average hail events.
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Congresswoman Maxine Waters said the National Flood Insurance Program has experienced twelve short-term extensions resulting in brief lapses since fiscal year 2017.
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This year’s cover is less than the 2018 cover, which was $2.6bn.
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Timing is everything and, for the reinsurance market, this is especially true when it comes to losses.
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The total is 7.8 percent more than Perils’ EUR740mn first estimate on 18 April.
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The number of tornadoes last month was the highest for May since the 381 recorded in the same month in 2015.
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The Eurekahedge ILS Advisers Index dropped by 0.7 percent during the month.
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The insurer placed less coastal aggregate cover than originally planned.
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A total of 857,284 claims have now been received for the typhoon event, according to the General Insurance Association of Japan.
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The insurance industry is expected to cover the majority of wind- and hail-related losses, says Aon Impact Forecasting.
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Up to 60 tornadoes struck eight midwestern states on Monday, NOAA has reported.
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2020 Japanese prices likely to rise as typhoon loss set to double.
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Insurance is set to cover the majority of hail- and wind-related losses.
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The legislation now passes to the state’s Assembly.
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The subtropical storm is not expected to pose a threat to land, the NHC said.
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In April, TSR reiterated its early prediction that North Atlantic hurricane activity will be slightly below the long-term norm.
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The bill still needs to pass two further Senate votes before heading to the state’s Assembly.
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The reinsurer’s non-life combined ratio deteriorated to 97.7 percent despite an improvement in P&C results.
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Mitsui Sumitomo has put its Typhoon Jebi losses up to 258bn yen ($2.4bn), compared with an initial estimate of 140bn yen.
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This will have implications for Allstate, State Farm, USAA and other insurers which have sued the utility over Camp Fire losses.
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The insurer’s net combined ratio worsened to 110.6 percent for Q1.
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Almost 250 tornadoes hit in the US last month, with one outbreak set to cost insurers $700mn, Aon has reported.
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The transaction’s target price is up on a similar tranche of American Integrity’s cat bond last year.
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Increased retro costs mean RenaissanceRe will likely be retaining more risk.
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WorldCover, a climate insurance provider to smallholder farmers, has raised $6mn from a fundraising round led by MS&AD ventures.
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The insurer has increased its ultimate net loss for the 2017 storm by 7 percent.
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The insurer’s cat losses for the first quarter totalled EUR195mn.
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The ILS fund manager said the rationale behind model updates will be followed closely.
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The reinsurer’s Corporate Solutions division posted a $55mn loss for the period.
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Tornadoes this week have brought high winds, hail and flash flooding to the area.
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Arch’s reinsurance underwriting income for the first quarter of this year plummeted by 61.9 percent to $20.9mn.
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The biggest hit to the insurer were US winter-related storms, at $191mn.
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The floods struck Queensland between 26 January and 10 February, leaving hundreds of homes underwater.
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The update means Michael is the first hurricane to make landfall in the US since Andrew in 1992.
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Fema’s David Maurstad confirmed there is low take up of the NFIP in the region.
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The event is the costliest for insurers in an otherwise benign 2018-19 European winter storm season.
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Severe weather is forecast for parts of Texas, Oklahoma and Kansas on Wednesday.
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Aon said the latest storm could lead to combined economic and insured losses of $100mn.
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The storms that swept across the central US in March are likely to cost insurers up to $1bn, Aon has said.
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The Senate proposal would push the state reinsurance scheme to lift its cap on covering loss adjustment expenses.
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The storm on 27 March produced the most significant hailstorm in Brevard County’s history, the National Weather Service said.
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The sidecar’s main exposure is European wind risk.
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The Credit Suisse-backed managing general agent took a £6.6mn loss in 2018, down from £7.7mn the year before.
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Syndicate 2357 had escaped a reinsurance loss in 2017 but the segment fell to an $84.2mn loss in 2018.
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The Florida state insurer confirmed plans to add $200mn of personal lines reinsurance cover to its overall programme.
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The expected losses from the December hailstorm in Sydney have risen from A$871mn to A$1.2bn.
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Weatherbell forecast 0 to 2 major hurricanes this year.
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The February total compares with $361mn of catastrophe losses for the first quarter as a whole last year.
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The reported estimates from insurers have increased by up to 140 percent since Q3 2017.
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The US National Weather Service has said more than 7 million people were under flood warnings on Tuesday.
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The deal would be the US agency’s second.
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Winds of 97 mph has led to closed roads and power outages in Colorado, according to reports.
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The storm, which raced across Germany yesterday, had wind speeds of more than 100km/h.
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The reinsurance industry spends a lot of time obsessing about risk modelling, but arguably its efforts to pin down ever more precise estimates of expected losses are let down by a 20th century approach to data handling.
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The insurer kept its participation in the state reinsurance scheme stable at 45 percent.
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Heritage, UPC and Florida Peninsula are among the major carriers to request more cover from the state reinsurance scheme.
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Oxfam aims to scale up the scheme, attracting insurance backing and investors, if the pilot is successful.
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An Ares fund has used Nephila-backed proxy revenue swap contracts to help finance three wind farms in Texas.
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The sidecar’s cat claims came in just under the $323.7mn level recorded in 2017.
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The four-year bond will operate on a per-occurrence and annual-aggregate basis covering named storms, earthquake, severe weather and other perils.
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One storm was classified as an EF-3 which means wind speeds of up to 165 mph (266 km/h) have been recorded.
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The Florida-based insurer reported a $15mn cat loss for the full year.
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The utility’s total pre-tax charges for the 2018 Camp Fire and 2017 Northern California wildfires now stand at $14bn.
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The insurer posted a net loss of $9.3mn for Q4 2018.
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The 2018 season was above average and produced a total of 15 named storms, the modelling agency said.
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This is more than twice the level that some were projecting in September.
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Anyone scanning the news stories we have covered in the past week might get a sense of déjà vu.
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This was up from the $623mn figure reported in its Q2 2018 results.
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The firm said its maximum no-loss return was 30 percent, up from 23 percent in 2018.
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The bond’s spread was confirmed at 4.25 percent, at the top end of estimates.
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Florida Specialty, which has ceded 100 percent of its risk to Sirus America Insurance Company, was among those affirmed.
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The target coupon on the deal has moved to the upper end of forecasts.
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The legislation has been designed to help protect the state against the costs of natural disasters.
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The insurer also dropped attachment points on its covers after cutting back its gross limits.
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So far 15,571 claims have been lodged as a result of the catastrophe.
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A diverse loss year produced steeper wildfire and typhoon losses than initially estimated.
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Leveraging data can make risk more transparent for investors, said Ledger’s CEO Samir Shah.
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The increase represents a 4 percent deterioration to its 2017 annual loss, pushing it out to 61 percent.
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The insurer recouped A$7mn ($5.0mn) from reinsurers under its aggregate protections.
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Overall cat bond losses are in line with modelled expectations but more claims have come from non-core perils than expected, Lane Financial analysts suggested.
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The insurance premium on the EUR45mn ($51.5mn) Italian multi-peril Atmos notes settled 12.5 percent above initial median targets.
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Perils said the Sydney event was likely to rank as one of the largest Australian hailstorms on record.
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Hurricane Michael generated a larger loss for the carrier than 2017’s Irma.
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The Luxembourg entity will provide trading continuity for its ILS and weather derivatives business after Brexit.
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The Bermuda-based ILS manager withdrew from the insurer’s reinsurance treaty following losses in 2018.
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The utility still faces investigation for this year’s Camp Fire.
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The broker said new capital inflows to the sector also reduced from the levels seen last year.
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USAA’s losses put it on track to recoup another $82mn from its cat bonds, following a projected $182mn recovery in 2017.
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The cat bond is the first since 2013 for the state wind pool.
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A decrease in capacity following last year’s losses is thought to be one of the largest drivers of the rate increase.
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The New York-listed company said in December it expected $17mn catastrophe losses in its Q4 results.
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Friederike, a compact and fast-moving extratropical cyclone, struck four countries in January last year.
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The Florida Office of Insurance Regulation has now tracked more than $5bn of Hurricane Michael claims.
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The Californian wildfires, Hurricane Michael and Typhoons Jebi and Trami pushed up losses.
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The utility expects to source enough cash to finance its ongoing operations.
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The updated $110mn to $130mn estimate is more than double the prior projected Q4 loss ahead of the wildfires.
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Reinsurers are still figuring out just how costly 2018 was in terms of disaster losses – after all, 2018 has only just wrapped up and events such as the Sydney hailstorms lumped on further costs late in the year.
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The Florida-based carrier renewed aggregate reinsurance covering non-hurricane losses, including a $30mn single-provider deal and a larger $85mn programme.
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The Australian carrier said December’s Sydney hailstorm would trigger its per-occurrence reinsurance.
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This is the final estimate for the cyclone, which hit Europe a year ago.
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Last year’s feast has repeated on the market as Irma losses deteriorated, while fresh wildfires have caught out those who loaded up on liability exposure.
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Eden Re provided $300mn of retro support for Munich Re in 2018 across a couple of debt issuances.
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The government also said it is exploring the possibility of issuing a cat bond in the near future.
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Hurricane Michael and the California wildfires have trapped a significant portion of retro capacity, the analysts said.
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News of the steep C share loss follows the revelation of regulatory probes in the US and Bermuda.
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The insurer is understood to be exploring the possibility of claiming the Camp Fire as two separate events as it looks to maximise reinsurance recoveries.
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Tropical Storm Risk has projected 12 tropical storms, five hurricanes and two major hurricanes for the 2019 storm season.
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The carrier’s $1.2bn gross loss from the two wildfires would trigger the carrier’s nationwide programme, which attaches above $500mn.
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The figure includes a $15-$19bn loss estimate from the recent Camp and Woolsey fires.
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The insurer has called for the increase as a result of costs relating to the ongoing assignment of benefits crisis.
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The losses relate to Hurricane Michael and the 2018 California wildfires, the Sompo International subsidiary said.
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January 2018 opened the year of the “great reload” for ILS managers.
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Insurers are seeking to claim roughly $10bn through subrogation lawsuits against Pacific Gas and Electric in relation to the 2017 wildfire losses.
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Trading Risk view: investor fatigue
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The estimate puts the modelling firm’s combined November wildfire loss estimates at up to $13bn.
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The reinsurer said cyclone losses were above average with global insured losses at $25bn.
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The total of Hurricane Michael claims filed with Floridian insurers through to 30 November has reached $4.01bn, the Florida Office of Insurance Regulation said.
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The insurer expects $1.8bn of losses from the Camp Fire and $475mn from the smaller Woolsey Fire.
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State officials say full repairs cannot take place until spring.
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Woolsey was one of two highly destructive wildfires in California last month.
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October represented the fourth monthly loss registered in 2018 on the Eurekahedge ILS Advisers index.
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The manager also said the spread-widening associated with Florence and Michael had a dampening effect on cat bond performance.
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The insurer forecast gross losses of $207mn from the Camp Fire and $46mn from Woolsey.
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It estimated that damage from the Woolsey and Camp Fires in California will be worth between $15bn and $19bn.
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The retro manager also warned 2018 wildfire losses could exceed those of last year.
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The insurer is expected to make significant recoveries from its aggregate cat bonds for the second year running.
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MS&AD will recover more than half its gross 2018 typhoon losses from reinsurers.
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The California Department of Forestry and Fire Protection said the blaze was so far spread across 150,000 acres and was 65 percent contained.
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The bond will provide the insurer with US multi-peril protection on an indemnity per occurrence basis.
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Insured loss estimates for the storm have now pushed into the $10bn-$15bn range, from $5bn-$10bn estimates last week.
-
Morgan Stanley suggested the energy company’s liabilities could surpass $3bn, well above the trigger on the Cal Phoenix Re cat bond.
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The initial estimate suggests an ultimate outcome broadly in line with market expectations.
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The Camp Fire and Woolsey Fire have now destroyed 10,000 and 504 buildings respectively.
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Oxbridge Re licensed its Oxbridge Re NS sidecar in the Cayman Islands in June.
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The Italian insurer also plans to renew its Azzurro Re I cat bond next year.
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The uptick is the result of more cat bond holders looking to sell, sources said.
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The acreage burned so far this year is already almost double the amount last year, the ratings agency said.
-
The three fires have already destroyed 7,539 buildings, and threaten a further 15,000.
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The power utility has cover for any wildfires caused by its infrastructure.
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HCI Group's gross losses from Hurricane Irma have stayed stable in the third quarter.
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The insurer has eroded a third of the deductible on its aggregate Skyline Re bond, well below last year’s storm activity.
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The storm remains at a strength that would lead to a 50 percent payout of the $110mn Pacific hurricane cat bond protecting Fonden, although it may weaken before landfall.
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The Category 4 hurricane is strong enough to trigger the $110mn class C layer of Mexico's 2017 Multicat.
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According to market sources, the $2.5bn in losses mostly falls with homeowners’ insurance, which accounts for 62 percent of that figure.
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Initial modelled loss projections for the hurricane range from $2bn to $10bn.
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The technology company has signed agreements with REsurety, Nephila and Allianz unit ART to cover three wind projects in the US.
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The reinsurer said it had a 10 percent share of insured value in Bay and Gulf counties.
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Floir data shows that First Protective has the largest market share, at 9.4 percent, followed by USAA, with 7.6 percent.
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Insured losses from Hurricane Michael have been estimated to fall within a wide $3bn to $10bn range.
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It is the first storm since 1898 to strike the state as a Category 3 hurricane.
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Risk modeller CoreLogic has estimated Hurricane Michael’s insured losses will be between $2bn and $4.5bn, with Willis Towers Watson noting the event will fail to rock the market.
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The storm is forecast to make landfall this afternoon local time near Panama City.
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Appetite for last-minute cover appears muted ahead of Hurricane Michael’s landfall in Florida.
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The major state carrier absent from the group active in the panhandle is UPC Insurance.
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The modelling agency also said Michael will be of a greater intensity than Florence when it makes landfall in Florida on Wednesday.
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CoreLogic predicted Michael will strengthen to make landfall at Category 3 strength.
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If Hurricane Michael does intensify, the reinsurance sector will be especially exposed: analyst.
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The National Hurricane Center predicts a Category 1 landfall but if Michael is slower to reach the coast it may have more time to intensify, said JLT.
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Kong-rey is forecast to pass the islands of Kyushu and Honshu, according to Tropical Storm Risk.
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Tokyo is among some of the prefectures worst hit by Typhoon Trami, RMS said.
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The six typhoons in Japan this year could weaken the creditworthiness of the country’s three insurance giants.
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Modelling firms have put an average $3.8bn loss estimate on private market claims from Hurricane Florence.
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