Wildfire
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The modeler warned that climate change was increasing the chances of $20bn, $30bn and $40bn loss events. -
The American Family bond will provide US wind, quake and wildfire cover.
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The bond will provide coverage up to 2026, extendable to 2029.
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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 cover will be triggered by territory-weighted annual aggregate industry loss.
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If Hurricane Andrew were to hit the coastal regions of Florida today, insured losses would be nearly four times the $15.5bn borne by carriers 30 years ago.
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France’s Gironde region struck by serious wildfire outbreak
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The parties will develop climate-conditioned wildfire event catalogs to support cat modelling.
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The McKinney and Oak fires are 0% and 67% contained, respectively.
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Initial loss estimates from convective storms and flash flooding place the economic impact in the hundreds of millions, although Aon warned losses may rise further.
