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As fires still rage, many fear early $10bn-$20bn estimates were too optimistic. -
The 2024 loss figure exceeded that of the previous record of C$6.2bn in 2016.
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The Palisades fire is estimated at $9bn-$12bn, while Eaton is $6bn-$8bn.
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Investigators are homing in on the likely causes of the incidents.
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AM Best said it expects insured losses from the California wildfires to be “significant”.
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Hurricane Milton resulted in the largest insured loss of the year at $25bn.
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The new agreement provides $40mn of aggregate limit excess of zero.
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Many cedants secured aggregate and subsequent coverage at 1 January.
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In the US, pricing fell by 6.2% at the major renewal.
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The largest non-US event in 2024 was the catastrophic flooding in Valencia.
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An 11th-hour softening has driven discounts into double-digit territory on some deals.
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The firm has commenced writing collateralized retro and reinsurance, but its rated launch is still pending.
