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KCC is part of the CDI’s review into creating a public wildfire cat model for insurers. -
The sponsor is estimating a loss of ~$300mn in relation to one of last month’s US tornado events.
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Despite wildfires, reinsurers are “well positioned to maintain strong profitability in 2025”.
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The prediction comes after a highly active hurricane season in 2024.
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Colorado State University is predicting 17 named storms, nine hurricanes and four major hurricanes.
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Losses stemmed from ex-Tropical Cyclone Alfred and North Queensland flooding.
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The carrier has received 12,300 claims as of 28 March.
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The event has caused widespread damage in Bangkok, Thailand.
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Cat losses last month were lighter than historical trends, but all eyes are on Q1 figures.
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The March 13-16 storms would mark the first billion-dollar US SCS event of the year.
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MAP’s Christopher Smelt said impact on nationwide programmes will cause risk aversion.
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Both syndicates also reported a deterioration in their combined ratios.
