Catastrophe losses
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The hurricane has led to a “surge” in insurance claims related to floods, according to the IBC.
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The ratings agency said companies focused on growing business in Gulf Coast states, however, would face a “key test” as claims materialised.
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A sub-$3bn industry insured loss event would be similar to estimates for hurricanes Beryl and Debby.
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Francine has been the eighth Category 2 or larger storm to make landfall in Louisiana since 2000.
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The storm is expected to weaken to a post-tropical cyclone later tonight.
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‘Life-threatening’ storm surge and hurricane-force winds expected for the state, according to the NHC.
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Francine is expected to make landfall in Louisiana tomorrow.
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The estimate from the Perils-owned company does not include any losses from Hurricane Debby.
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A hurricane watch is now in effect for the Louisiana coastline.
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The loss has increased by 1.4% since the company’s first assessment.
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Urban expansion, climate change and inflation are key drivers of losses.
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The CEA has $326.4mn towards risk transfer, 44% below budget.
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Returns were down on 2023, which benefited from favourable Ian loss development.
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Rising premium income is not keeping pace with the increased cost of claims.
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Flights cancelled as typhoon ramps up to Cat 4.
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Moody’s also predicts losses to the NFIP at less than $300mn.
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Several bonds suffered declines in value from February to July.
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Subsidiaries Core and Typtap have applied to participate in the November Citizens policies assumption.
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Severe thunderstorms, mainly in the US, accounted for 70% of insured losses globally.
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Its forecast for intense hurricanes is unchanged at six.
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The ‘life threatening’ hurricane has potential for “historic heavy rainfall” in the southeastern United States.
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The biggest losses were from wind damage after the storm’s Texas landfall.
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Relentless focus on annual outcomes provides a packaging that doesn’t fit the purpose.
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