Weather
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The issuance will be the fifth time to market in FEMA’s cat bond series
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This is the first natural catastrophe loss under the World Bank series of ILS deals since 2019.
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As the renewal is expected to spill over into 2022, the two-speed market will put pressure on retro-reliant carriers.
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The firm’s estimate fell at the lower end of the range for historic Top 10 tornado events.
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Aon’s Impact Forecast has suggested that only a limited portion of the loss will pass to reinsurers.
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The storm tore through north-western Europe in October, with major losses in France, Germany and Belgium.
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The firm’s senior meteorologist noted activity was in line with expectations on major storms, if not all named storms.
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The storm has dumped more than nine inches of rain on the city of Houston and risks further damage to Ida-hit properties.
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The 13th named storm of the season made landfall in the Florida Panhandle on Wednesday.
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It is not so much the size of the hit, as the regularity of moderate cat events that is worrying risk-takers.
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It recognised the debate surrounding the “plausibility” of such scenarios.
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At least 22 people have been killed, with 3,000 power outages reported in Humphreys County as of Monday morning.
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