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The 2020 bond provides $125mn of parametric, per occurrence coverage.
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Top-layer cat risk is attracting additional capacity but reinsurers remain firm on attachment points, the broker said.
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By region, convective storms in the US alone accounted for 60% of global insured losses.
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During the first nine months of 2023, a total of 24 separate billion-dollar weather and climate disasters have been confirmed by the NOAA’s National Centers for Environmental Information.
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These figures mark an improvement from August, which was impacted by losses from Hurricane Idalia.
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In a presentation before Florida lawmakers, Cerio noted recent success in Citizens’ efforts to move policyholders to private insurers and reduce risk exposure.
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Wildfires in British Columbia were the largest of 11 catastrophe losses for the insurer.
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Losses from the Maui wildfire include a modest amount of reinsurance recoveries from the Per Risk reinsurance program, while losses from Hurricane Idalia were fully retained.
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Loss data going back to 2000 reveals that severe convective storm plays an “ever more important role” in cat losses.
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Experts agreed that investment in understanding wildfire risk had come a long way in recent years.
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Gallagher Re’s chief science officer warned that US SCS activity will keep rising.
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Lara's plan, backed Thursday by an executive order from California Governor Gavin Newsom, repackages elements of a proposed bill that collapsed earlier this month.