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The $49.4bn number remains below a critical ILW threshold. -
The global natural catastrophe protection gap stood at $368bn, with protection gaps being largest in emerging markets.
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Damaging hail and wind hit Texas, Arkansas, Mississippi and Georgia.
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There has never been a named storm to form in the eastern tropical Atlantic this early in the season.
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The broker said the risk from wildfire is also set to increase substantially.
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The National Hurricane Centre said the Lesser Antilles, Puerto Rico and the Virgin Islands must be vigilant.
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Compelling rates are on offer for markets willing to write wildfire risk in the sunshine state.
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The comment comes after major US carriers pulled back from new business in wildfire-prone California.
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The carrier said 70% of the claims stemmed from two wind and hail events.
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The carrier is increasing underlying rates to counter increased reinsurance costs and inflation.
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ACIC’s program offers sufficient coverage for approximately a one-in-167-year event and a one-in-100-year event followed by a one-in-50-year event in the same season, the company said.
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The cat bond will cover earthquakes in California, Utah, Oregon, Nevada and Arizona, as well as areas of Mexico and Pacific offshore locations.
