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The firm says hail alone is estimated to make up 95% of losses, making it one of the biggest hail losses in history.
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The $49.4bn number remains below a critical ILW threshold.
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The global natural catastrophe protection gap stood at $368bn, with protection gaps being largest in emerging markets.
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Damaging hail and wind hit Texas, Arkansas, Mississippi and Georgia.
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There has never been a named storm to form in the eastern tropical Atlantic this early in the season.
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The National Hurricane Centre said the Lesser Antilles, Puerto Rico and the Virgin Islands must be vigilant.
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Compelling rates are on offer for markets willing to write wildfire risk in the sunshine state.
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The carrier said 70% of the claims stemmed from two wind and hail events.
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The cat bond will cover earthquakes in California, Utah, Oregon, Nevada and Arizona, as well as areas of Mexico and Pacific offshore locations.
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Most forecasters predict below-average activity in the region – but opposing weather phenomena mean uncertainty is higher than usual.
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The forecaster is predicting there could be as many as 14 hurricanes in the North Atlantic between June and November.
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The US National Oceanic and Atmospheric Administration (NOAA) has forecast “near-normal" hurricane activity in the Atlantic this year.