Hurricane
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The Eurekahedge ILS Advisers Index dropped by 0.7 percent during the month. -
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 total of insurance claims is up from the $6.1bn recorded in March, according to the Florida Office of Insurance Regulation.
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The Colorado State University meteorologists are now predicting an average storm season, revising their earlier expectation for slightly below normal activity.
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The ILS fund manager’s sixth bond of the year takes its issuance in 2019 to $123mn.
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Chairman and CEO Bruce Lucas attributed the saving to Heritage diversifying away from Florida, but it also boosted its participation in the Florida Cat Fund.
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Experts still predict an average hurricane season.
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The deterioration pushed the retro fund’s 2018 loss to 46.7 percent for C shares.
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The company’s cover for a Florida storm now extends to $3.28bn – up $134mn from 2018.
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The hurricanes hitting the region could be “much stronger” according to the researchers.
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The fund has projected a $1.9bn deficit against potential obligations.
