Business interruption
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The city of Osaka sustained most of the losses.
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AIR issued a range of $2.3bn-$4.5bn for the event which struck Japan on 4 September at the equivalent of a Catastrophe 3 hurricane.
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The issue would be the ILS market’s first terrorism cat bond since the 2003 Golden Goal transaction.
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ILS managers were offering larger line sizes and seeking to compete more often on reinstateable layers in the Florida June renewal, Willis Re observed in its mid-year 1st View report.
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In its 1st View report the broker said the impetus for risk-adjusted rate increases had stalled at the June and July renewals.
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Willis Re said global catastrophe pricing was broadly flat in an "uncontentious" April renewal, as it noted a dramatic change to the reinsurance landscape as primary carriers re-entered the market through M&A deals.
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High initial loss estimates put out for Hurricane Maria by AIR Worldwide helped to fuel ILS fundraising that brought in more capital than would have otherwise entered the market, said panellists at an event hosted by sister publication The Insurance Insider last week.
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The Bermuda Monetary Authority (BMA) has been criticised for demanding new disclosures from local alternative reinsurance operators without sufficient consultation with involved parties.
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PCS has largely reversed an earlier cut to its loss forecast for Hurricane Irma, estimating the insured damage at $17.2bn, sister publication The Insurance Insider reported.
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Insured losses for European winter storm Friederike will be between EUR1.2bn - EUR2.6bn ($1.71bn - $3.71bn), ranking it among the continent's most expensive storm losses, modelling firm AIR Worldwide has estimated today.
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Allianz Risk Transfer (ART) has closed a second private cat bond covering weather at $14.5mn
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Investment bank Jefferies said there remains a $20bn gap between (re)insurer loss estimates from Q3 catastrophe events and anticipated industry losses, as it predicted loss creep would fuel rate increases in 2018.