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Over nine inches of rain struck Houston and more than half a million Texas residents were left without power.
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Insured cat losses for August were almost 3.8x higher than the 10-year average, according to Jefferies analyst Philip Kett.
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Total economic losses are thought to be around $900mn.
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The modelling firm’s wind and surge losses remain at $17bn-$25bn.
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In its renewal season update, the carrier said Bernd, Ida, Uri and the pandemic would force up pricing across lines and regions.
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Economic losses from Hurricane Ida are likely to reach double-digit billions as costs rise globally from widespread cat events, Aon said.
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Scor Global P&C CEO Jean Paul Conoscente said on a briefing that rate hikes were barely keeping up with inflation.
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Coupled with aggregate cover the company has in place, United said Thursday that exposure to cat events for the remainder of its current reinsurance program would be $9mn.
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The upward revision reflected significantly increased industry expectations, it said.
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European cedants are bracing for a ‘sizeable price correction’ after the scale of summer flooding took reinsurers by surprise.
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The Fidelis CEO said stochastic modelling was “pretty much meaningless” and failed to consider the impact of climate change.
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The updated loss estimates come on top of the $14bn to $19bn industry loss range the analytics firm provided last week.