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Carriers have announced significant exposure reductions in the state this year. -
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SCS accounted for nearly two-thirds of global first-half catastrophe losses.
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The final report said the majority of the losses occurred on Kyushu Island with 74% of the total industry loss.
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According to the National Hurricane Center, Lee made landfall at Long Island, Nova Scotia, on Saturday.
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ILS capacity in the form of retained earnings and new inflows is shaping up to meet growing demand for reinsurance and retro coverage.
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With winds speeds around 80mph, Lee is now a Category 1 hurricane but is still expected to be ‘a large and dangerous storm' by the time it reaches New England and Canada.
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His role change — following that of LCM leader Darren Redhead in 2021 — raises questions over the firm’s future ILS strategy.
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Slow weakening is forecast during the next few days, but Lee is likely to remain a large and dangerous hurricane into the weekend, the update noted.
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European and Bermudian reinsurers are expected to be the most favorably affected by the current environment.
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Data from the broker indicated that around 70% of global losses were driven by SCS, with events in the US causing $35bn of insured losses over H1.
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Alongside a parametric scheme, a further insurance pool providing up to $1bn in cover will recoup funds to benefit the post-quake recover.
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