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The expected losses from the December hailstorm in Sydney have risen from A$871mn to A$1.2bn.
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Weatherbell forecast 0 to 2 major hurricanes this year.
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The state is “still a cash cow for reinsurers” as over the past decade the Florida reinsurance combined ratio has been running at 79-80 percent, according to the analysts. -
The February total compares with $361mn of catastrophe losses for the first quarter as a whole last year.
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The tiny retro vehicle supporting the Florida reinsurer was wiped out, as Oxbridge’s premium income fell significantly in 2018.
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The reported estimates from insurers have increased by up to 140 percent since Q3 2017.
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The US National Weather Service has said more than 7 million people were under flood warnings on Tuesday.
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The deal would be the US agency’s second.
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The second estimate comes after the catastrophe loss aggregator initially pegged the loss at A$635mn in January.
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The overwhelming majority of claims have come out of Bay County, the Florida Office of Insurance Regulation said.
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Some reinsurers are saying their views of Florida risk have changed post-Irma.
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There is uncertainty around whether it will ultimately be the ILS market or the traditional reinsurance market that drives wildfire re-pricing, panellists said at the Sifma IRLS conference in Miami.
