Property
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The company incurred $563mn of total cat losses related to the storm. -
The bulls expect around $20bn-$30bn in Milton losses, with the bears anticipating $40bn-$50bn.
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The estimate includes private cover for residential, commercial and industrial property.
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Plenum said wind damage from Milton could lead to “moderate” losses for its cat-bond funds.
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Milton made landfall near Siesta Key yesterday, leaving 2.7 million homes without power.
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The hurricane is likely to prevent rate reductions in property cat in 2025.
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Roman Romeo was named CEO of Reinsurance Solutions in Bermuda in April this year.
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This is based on insured loss estimates of between $20bn and $60bn.
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Milton’s center is projected to make landfall near or just south of Tampa Bay.
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Restrengthening to Category 5 is still possible, Siffert warns.
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The NHC is predicting storm surge, exacerbated by the tide, as high as 15 ft for Tampa Bay.
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A hurricane warning has been issued for the east coast of Florida.
