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The storm could cause between three to 10 inches of rainfall across portions of the Baja California Peninsula through Sunday night, with possible flash flooding from late Friday into late Sunday. -
The development in reconstruction costs and contingent BI claims may put the ultimate sum beyond current estimates.
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Allstate reported cat losses of $1bn and $885mn for June and May.
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The loss is composed of personal lines property losses, representing 54% of the loss, and commercial lines property losses, which represent 46% of the total industry loss.
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Loss estimates from Aon, Gallagher Re, Swiss Re and Munich Re all point to a significant component of severe convective storm losses.
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Sources added that the company will continue to monitor portfolio performance to reopen business on a state-by-state basis.
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The latest estimates peg the fires as the second largest loss event in the state’s history, second only to Hurricane Iniki in 1992.
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Demex said its RCR Re platform enables cedants to buy reinsurance for secondary peril risks that aggregate over time.
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Most forecasters now predict above-average storm activity for the Atlantic as a result of record-high sea-surface temperatures.
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Primary writers of homeowners and commercial property are exposed, while reinsurers could face wildfire losses.
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Primary market, reinsurance and ILS will all need to prove themselves before capital flows back in, said LCM CEO Paul Gregory.
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At least six aggregate bonds offering convective storm cover have been marked down by around an average of more than 20% on the secondary market.
