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The ratings agency also said economic and insured losses caused by Otis have reached $16bn. -
More than three-quarters of local exposure is ceded to highly rated reinsurers through excess of loss protection, according to the rating agency.
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The scale of the Cat 221 flood event, as well as labour and materials shortages, contributed to its impact, the ICA said.
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The October 2022 event brought heavy rainfall, mainly affecting Victoria.
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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.
