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Tropical Storm Nestor made landfall at the St Vincent nature reserve off Florida's northern Gulf Coast on Saturday afternoon.
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The insurer disclosed $46mn of losses for the quarter and $15mn in adverse reserve development from cat events in prior years.
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Policies underwritten by the business will be cancelled as of 1 November, 2019.
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Avoiding a “bucketing” approach to risk-taking will help the ILS industry fill in the insurance protection gaps, according to Fermat managing director John Seo.
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The number of assignment of benefits claims in Florida increased by 40.9 percent year on year in June before the implementation of the state’s new laws designed to stamp out abuses of the system.
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Insurers had flagged a spike in claims from the legal change that came into effect on 1 July.
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Most losses will come from the Bahamas which are likely to account for just over $3.6bn of losses, the modeller said.
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Hurricane data provider Tropical Storm Risk predicts there is an 85 percent chance of the US mainland being hit by Category 1 hurricane conditions in the next 21 hours.
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The storm had been sitting over Grand Bahama but is now expected to skirt Florida’s east coast later today.
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The NHC has warned that the hurricane will move “dangerously close” to the coasts of Florida, Georgia and South Carolina in the coming days.
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The cat bond pricing index only dropped by 0.78 percent last Friday when Hurricane Dorian was forecast to be a Florida hit.
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The hurricane battered the Bahamas on Sunday but is now not predicted to make landfall in the US.