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The storm is expected to be a “multi-million dollar” insurance industry loss event, rather than a billion-dollar event, according to BMS meteorologist Andrew Siffert. -
With Grace expected to strike the eastern mainland of Mexico later today, Tropical Storm Henri is heading for the US north-east coast.
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Excluding prior-period reserve charges, the Illinois-based company estimated total cat losses at $211mn from 18 events.
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The hurricane made landfall near Tulum, registering a 986mb pressure reading.
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Cat bond prices are now approaching historic lows on certain types of deal and compare to “hot market years” such as 2018.
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It is expected to hit Mexico’s east coast early on Thursday morning before moving on to the southwest Gulf early on Friday.
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While the total number of hurricanes has not changed significantly, the global proportion of major hurricanes has increased over the past 40 years.
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The group’s CEO Jörg Asmussen made the comments in Berlin on Wednesday.
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The second-largest fire in California’s history has so far affected mostly woodland areas.
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The earthquake that hit the island’s southwest peninsula on 14 August is estimated to have caused $1.7bn of total losses, according to the firm’s Caribbean earthquake reference model.
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Despite the Q2 increase, the Everest Re sidecar’s written premium for the first half was down 2% to $155.3mn.
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A state of emergency has been declared across swathes of Florida by Governor Ron DeSantis.
