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The outcome over the debate on narrowing cat reinsurance coverage will not be an all-or-nothing bet, with all perils deals with exclusions not a polar opposite of named perils coverage.
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The update to the October figure implies the ultimate number will comfortably breach the $50bn mark.
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The updated loss and allocated loss adjustment expenses in the property segment from the hurricane is now $1bn.
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A 6.4 magnitude earthquake started out near the coast at 05:30 ET.
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The update is a slight increase to November’s 114bn yen estimate.
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Citizens will be ineligible for the coverage, which will attract premiums ranging from rates-on-line of 50-65%.
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The state’s House of Representatives will vote this week on whether to put the call to the US President and US Congress.
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Hurricane Ian’s legacy will undoubtedly lead to some shake-ups in the ILS sector, with ongoing progression outside cat and ESG strategies likely to be a focus.
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Swiss Re said a loss-heavy 2022 adds to a continuation of elevated cat losses that started in 2017, after a benign period from 2012 to 2016.
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The flooding affected the states of New South Wales, Victoria and Tasmania.
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The modelling firm noted a shift towards stronger hurricanes making landfall.