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The Florida carrier suggested that Ian will not exhaust the state’s reinsurance Cat Fund.
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Buyers are more open than ever to different sources of capacity, but the timing of entry will not be on the industry’s terms.
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The risk modeler estimated the NFIP could take $10bn additional losses from storm surge and inland flooding.
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The state insurance body received reports of 375,293 claims as of 6 October.
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The estimate includes wind loss, re-evaluated insured and uninsured storm surge loss and newly calculated inland flood loss for residential and commercial properties.
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As of October 4, Fema has received more than 25,000 claims and pushed out over $3.5mn in advance payments in Hurricane Ian affected states.
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Hurricane Ian could present a challenge for ILS fundraising conversations this autumn if ILS firms do not find more financing solutions to manage trapped capital, according to panellists at Trading Risk New York 2022 last week.
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The loss estimate does not include litigation or claims below the deductible.
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The cat bond market has a high level of exposure to Florida wind risk.
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The flooding is now the costliest nat cat event ever in Australia, with insured losses higher than Cyclone Tracy and Sydney Hailstorm in 1999.
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KCC has added a loading for litigation costs to the storm loss estimate for the first time.
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The Swiss ILS specialist pointed to potential impacts on Floodsmart, Florida indemnity and index-linked bonds.