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Earlier loss reports suggested the total costs would be much lower – Perils’ first report estimated losses at A$3.99bn, while its second pegged losses at A$4.89bn.
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Market sources are suggesting inflation could require a wider group of US cedants to buy $10bn-$20bn of additional cat coverage for 2023.
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The cities of Busan and Daegu have been placed on red alert and are expected to be hit by a Category 1 storm tomorrow.
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Danielle doesn’t appear to threaten land, but a second storm is likely forming and could threaten the Caribbean and Florida.
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Insured losses in 2021 alone hit $20bn.
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After the quietest start to hurricane season since 1997, weather experts forecast storm activities in the Atlantic to happen as early as this week.
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The ratings firm also predicted that ILS losses from Covid-19 would remain limited.
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The forecast for the number of hurricanes remains unchanged and calls for six to eight hurricanes and three to five major hurricanes this season.
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If Hurricane Andrew were to hit the coastal regions of Florida today, insured losses would be nearly four times the $15.5bn borne by carriers 30 years ago.
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The latest estimate is an increase on Perils’ earlier figure of EUR3.6bn.
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Twia noted that the cancellations had come as Texas enters peak hurricane season.
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France’s Gironde region struck by serious wildfire outbreak