Hurricane
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The potential for insured catastrophe losses has increased at an “exponential” rate since the 1970s, the broker said in a report.
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Manoj Gupta will be taking the new title from Rob Bredahl, who left Third Point Re for TigerRisk in May.
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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. -
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 vast majority of the losses will come from Grand Bahama and Abaco, the risk modelling firm said.
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Nationwide, USAA and Allstate are other national carriers with significant property catastrophe market shares in the states.
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The parametric cyclone policy covered the Abaco Islands and Grand Bahama.
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Global cyber (re)insurance is expected to grow 25-30 percent a year, chairman of Munich Re’s reinsurance committee Torsten Jeworrek said in Monte Carlo.
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The CEO was speaking as Aon launched a new auction platform in Monte Carlo.
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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.
