Claims and losses
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Fifteen events caused estimated losses of $306mn.
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State regulators have been monitoring climate risk for over a decade.
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Moody’s also predicts losses to the NFIP at less than $200mn.
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The estimate is like others in the market, suggesting a relatively small loss from the event.
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The hurricane has led to a “surge” in insurance claims related to floods, according to the IBC.
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The ratings agency said companies focused on growing business in Gulf Coast states, however, would face a “key test” as claims materialised.
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A sub-$3bn industry insured loss event would be similar to estimates for hurricanes Beryl and Debby.
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Francine has been the eighth Category 2 or larger storm to make landfall in Louisiana since 2000.
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The storm is expected to make landfall in the next several hours.
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An estimated $450mn of losses from Hurricane Beryl will wipe out a surplus Twia had been building since 2017.
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"Life-threatening" storm surge and hurricane-force winds are expected for the state, according to the NHC.
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Francine is expected to make landfall in Louisiana tomorrow.
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The estimate from the Perils-owned company does not include any losses from Hurricane Debby.
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This gives carriers “a pretty clear path” to spread out the risk above a certain amount.
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Storm-like conditions caused by heat have led to “very erratic behavior” on the so-called Line Fire.
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Some Canadian cedants have approached the market for top-up cover.
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Urban expansion, climate change and inflation are key drivers of losses.
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The Insurance Bureau of Canada said the blaze damaged one-third of the Jasper community.
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Included is the full utilization of $25mn available under its cat aggregate treaty.
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Data shows that nat cat losses in Canada have increased substantially this century.
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The storm made landfall on Saturday as a Category 1 hurricane.
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Ernesto’s maximum sustained winds have reached 100 mph.
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Moody’s also predicts losses to the NFIP at less than $300mn.
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Both groups continue to call for a highly active season, however.
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