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ICEYE said that nearly 4,000 buildings in Northern and Central New Jersey were impacted by devastating flooding after Ida made landfall and traveled to the Northeast. -
The specialty insurer will lend both admitted and non-admitted paper to other providers.
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The updated loss estimates come on top of the $14bn to $19bn industry loss range the analytics firm provided last week.
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The new entity is backed by Gallatin Point Capital, Vantage Group and RenaissanceRe.
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The ratings agency said that reinsurers were likely to shave several points off combined ratios in 2021 and 2022.
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Kevin O’Donnell also said he saw social inflation as more of a concern for the industry than climate change.
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A reinsurance panel at Reconnect also called for reform of risk models
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Hannover Re CEO Jean-Jacques Henchoz told Trading Risk there was a “question mark” about whether demand would carry over into next year.
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The cat risk modeller’s estimate is well ahead of KCC’s $18bn, as RMS said infrastructure in the states impacted by Ida have “never experienced such a strong hurricane wind intensity”.
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The reinsurer warns that climate risks could increase average weather-related property cat losses in advanced markets by more than 60%.
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The broker expects ongoing single-digit growth within the ILS market.
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The fire has burned through more than 215,400 acres and spread across the counties of El Dorado and Amador.
