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Amid a wide range of industry loss estimates, it is clear that ILS trapped capital will be a major issue for 2023 with back-of-the-envelope calculations suggesting at least double-digit billions held. -
In 2022, the NFIP placed reinsurance with 28 private companies - including 13 Lloyd’s syndicates.
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KCC previously issued a $32.5bn number in a private client advisory based on Ian's Tuesday track.
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The National Hurricane Center noted that Ian should weaken rapidly after landfall and transition into a post-tropical cyclone overnight.
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The modelling firm’s Thursday guidance based on prior hurricanes spanned $20bn-$88bn, compared to $12bn-$83bn the previous day.
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The figures include both wind and storm surge losses.
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The National Hurricane Center has issued hurricane, tropical storm and storm surge warnings for a variety of locations.
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The market needs to improve on contract certainty to manage pricing cycles better, Rettino told Trading Risk New York 2022.
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Speaking on a panel at Trading Risk New York, Montero said that the previous guidance was assuming a track closer to Tampa.
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The storm, currently 285 miles south of Charleston, is expected to make landfall as a hurricane on Friday.
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RMS released event sets with a $12bn-$80bn range, while AIR put out an event set spanning $20bn-$64bn.
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Georgia, Virginia and the Carolinas have declared a state of emergency as the storm moves north.
