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Citizens will be ineligible for the coverage, which will attract premiums ranging from rates-on-line of 50-65%. -
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.
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The Bermuda Monetary Authority expects carriers on the island to take a 25% share of the total industry loss.
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The forecast included three intense hurricanes, six hurricanes and 13 tropical storms.
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The state’s lawmakers will meet on December 12-16 to address the challenges facing its troubled property insurance market.
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The reinsurer emphasised the need for improved secondary peril models including predictive capabilities.
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The year 2005, which featured the devastating Hurricane Katrina, remains the most expensive storm season.
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2022 was a near-average season in terms of the number of storms, but featured an unusually quiet start in August, followed by two Florida hurricanes, including one of the US’s most expensive.
