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The carrier said 70% of the claims stemmed from two wind and hail events. -
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.
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The loss for the month was 60% comprising losses from two wind and hail events.
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Perils increased the loss estimate by 25% due to a significant increase in average claim size across residential and commercial property lines.
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Perils increased the loss estimate by 25% due to a significant increase in average claim size across residential and commercial property lines.
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The firm noted prior-year development on cat events that primarily occurred in late 2022.
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The loss figure only includes property losses incurred in Turkey, as Perils does not cover Syria.
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The Metrocat cover is heavily weighted towards Battery Park, which forms part of three districts in the cover's area A, alongside Sandy Hook and Rockaway Inlet.
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The loss figure has been updated from the previous estimate of A$840mn, released six weeks after the event.
