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The bond will provide coverage up to 2026, extendable to 2029. -
Initial loss estimates for the last quarter show lower hits to equity than observed after hurricanes Harvey, Irma and Maria five years ago.
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Announcements and interviews at the UN conference have shed light on the tools emerging to help carriers decarbonise their underwriting portfolios.
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The cover is triggered by PCS territory-weighted industry loss and attaches at $12.5bn.
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The increased yield reflects the harder post-Ian market.
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The two insurers are believed to provide in excess of 20% of the cat MGA’s capacity.
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The market share for the storm of 3%-5% is below syndicates’ historical average for US wind events.
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Most claims so far have been for damage to residential property.
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The CEO emphasized that the estimate is a modeled estimate and does not include litigation or inflationary pressures.
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The modeller also said that losses to the National Flood Insurance Program will likely remain under $300mn.
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The new loss pick takes into account litigation and inflation costs, as well as claims activity to date.
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The central-west region of the state was struck by severe flooding over the weekend.
