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The typhoon is expected to reach Category 3 status by Tuesday local time, but the ILS cover is geared towards payouts for even stronger events.
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It used to be called “diworsification” – a phrase coined by Dowling analysts that took hold and became the industry's standard jargon for low-priced international catastrophe risk back around 2011.
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Sierra is Bayview Asset Management’s first ILS deal.
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Nippon Steel is expecting to cede an 8bn yen property loss to the commercial (re)insurance market.
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Axis said the range was consistent with expectations that it would take on less than 1 percent of industry-wide claims from the catastrophe.
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The market is pricing Unipol's EUR45mn ($49.50mn) Atmos Re I cat bond for a full loss.
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The reinsurer said use of third-party capital will limit its net retentions while permitting overall growth.
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The cover will be provided by a consortium of 56 insurers, according to reports.
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Hagibis losses have become the most costly event this year for the retro fund
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Losses could have eroded as much as 44 percent of the carrier's aggregate deductible.
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The General Insurance Association of Japan also announced 235,225 claims have been paid out for Typhoon Hagibis.
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Mitsui Sumitomo estimated its Hagibis hit at $2bn while Sompo said it had recovered almost $1bn from reinsurers this year.