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The company estimates its overall gross loss to be approximately $1bn, below its $3bn overall reinsurance tower.
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Buyers are more open than ever to different sources of capacity, but the timing of entry will not be on the industry’s terms.
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The state insurance body received reports of 375,293 claims as of 6 October.
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The loss estimate does not include litigation or claims below the deductible.
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The cat bond market has a high level of exposure to Florida wind risk.
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The Swiss ILS specialist pointed to potential impacts on Floodsmart, Florida indemnity and index-linked bonds.
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The storm, currently 285 miles south of Charleston, is expected to make landfall as a hurricane on Friday.
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Georgia, Virginia and the Carolinas have declared a state of emergency as the storm moves north.
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Research by sister title Inside P&C shows the top three homeowners carrier exposures by county for forecast highest impact areas.
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A landfall at Category 3 or 4 along the west coast of Florida later this week would be one of the more damaging scenarios for Ian.
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The industry net loss and LAE ratios decreased 7.3 points year-over-year, while expense ratios improved by 5.9 points.
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Florida specialists have continued to cede more premium to reinsurers, topping $7bn in 2021.