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The broker CEO said this went against a “core premise” of the industry which was the absorption of such volatility.
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The cat risk modeller’s estimate is well ahead of KCC’s $18bn, as RMS said infrastructure in the states impacted by Ida have “never experienced such a strong hurricane wind intensity”.
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The flooding in the northeast increases scope for commercial lines and auto losses.
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The catastrophe cover is more than twice the size of the 2020 deal.
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The fire has burned through more than 215,400 acres and spread across the counties of El Dorado and Amador.
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The modeller excluded precipitation-induced flood losses from its estimate, which comes in above the $18bn from KCC.
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“It's at the five- and 20-year return periods where insurers have to start looking and be worried about making sure these models capture these events,” Clark told this publication in an interview.
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Now crossing the Atlantic, Larry is expected to rapidly strengthen as it heads west.
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The carriers with the largest Louisiana market shares also ceded more than $100mn to Lloyd’s syndicates during 2020.
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Casinos and ski resorts have shut down, and hotels are housing firefighters in usually buzzing holiday destinations near South Lake Tahoe, California.
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The storm has moved north across the US after making landfall in Louisiana at the weekend.
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The energy market is being watched closely due to its potential to produce large risk losses.