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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. -
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.
