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The Olympics is one of the largest events insured in the contingency market, and it is understood that the IOC buys $800mn of cover.
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The ICA has increased its estimate for the January hailstorm total losses to A$1.2bn.
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Most of the losses have been reported in Germany, followed by the Benelux countries, France and the UK.
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Cancellation of the games could be a billion-dollar hit for the insurance sector.
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Catastrophe losses saw a 31 percent hit to the fund's 2019 portfolio with attritional losses coming in more than three times as high as budgeted.
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Palomar sponsored the $166mn Torrey Pines Re cat bond in 2017 which is still on risk.
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Allstate sets the spread for riskier second layer at 1,275 bps in the upper range of the initial guidance.
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Coronavirus cases could reach between 800,000 and 2.9 million by the start of April.
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Multi-strategy funds seek to liquidate $200mn of cat bonds
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Pricing has moved to the top of the guidance range, sources said.
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The California governor had opposed the package as he was concerned the company was taking on too much debt.
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Cat losses almost halved last year compared with 2018, which the carrier said was evidence of its ongoing reduction of cat risk exposure.