Property
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Losses from the larger fire will amount to $20bn-$25bn, the modeller said. -
Severe convective storms accounted for 41% of last year’s insured loss load.
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The estimate has reduced slightly since the modeler’s last update in October.
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CEO Cerio highlighted changes that allowed the insurer of last resort to combine commercial, coastal and personal lines.
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The Palisades fire is estimated at $9bn-$12bn, while Eaton is $6bn-$8bn.
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Investigators are homing in on the likely causes of the incidents.
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Moody’s also expects losses in the billions of dollars.
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Six wildfires are now burning in SoCal, with the Palisades fire being the largest.
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Hurricane Milton resulted in the largest insured loss of the year at $25bn.
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More than 4,000 acres are burning as thousands evacuate.
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Increased reinsurance capacity was more than sufficient to meet continued growth in global demand.
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The storms struck Victoria, New South Wales and Queensland.
