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Wind and hail-related property damage is expected to be covered, but a “sizable portion” of crop losses may not be.
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Record heat, dry conditions and strong winds have helped wildfires spread, Aon said. -
In California, the August Complex in Tehama County has become the largest wildfire in the state’s history.
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Having fuelled up on retro to grow, some carriers may need to focus on managing net exposures.
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Still some way off Category 1 intensity, Paulette is expected to reach the Leeward Islands on Thursday night.
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The carrier did not give a gross loss estimate, but has added $39.2mn of reinsurance cover for a second event.
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It made a 4.4% gain over the past year from its insurance holdings, and has made 7.9% per annum since inception.
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The Corporation said 25% of its losses came from property classes of business.
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The bulk of the payout – $7.2mn – relates to excess rainfall cover.
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ILS outperformed major financial benchmarks in terms of returns, Aon said.
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The typhoon was far less destructive than early forecasts suggested, according to claims-adjusting firm Sedgwick.
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Alternative capital reduced by around $3bn in H1 2020 due to trapping.
