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The firm’s head of business intelligence Mike Van Slooten said strong capital levels contrasted with cat loss activity running above budgets.
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The (re)insurer reported $30.5mn of fee income for the half-year. -
Reinsurers with third-party capital platforms said to be well-positioned for a return to growth in alternative capital.
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The cat risk modeller’s estimate is well ahead of KCC’s $18bn, as RMS said infrastructure in the states impacted by Ida have “never experienced such a strong hurricane wind intensity”.
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The flooding in the northeast increases scope for commercial lines and auto losses.
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The catastrophe cover is more than twice the size of the 2020 deal.
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The fire has burned through more than 215,400 acres and spread across the counties of El Dorado and Amador.
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It is not so much the size of the hit, as the regularity of moderate cat events that is worrying risk-takers.
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The modeller excluded precipitation-induced flood losses from its estimate, which comes in above the $18bn from KCC.
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The speciality residential and commercial house has a focus on earthquake, hurricane and flood risk.
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“It's at the five- and 20-year return periods where insurers have to start looking and be worried about making sure these models capture these events,” Clark told this publication in an interview.
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Now crossing the Atlantic, Larry is expected to rapidly strengthen as it heads west.
