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The bill would put new restrictions on bad faith claims, close loopholes. -
Compared with its initial figure, CatIQ’s latest estimate has increased by 40%.
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The homeowners’ carrier has secured FLOIR approval.
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Loss estimates for the disaster from the likes of KCC, Verisk and Moody’s RMS now range between $28bn and $40bn.
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Guy Carpenter said personal lines exposure would account for 85% of the aggregate loss.
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The laws mandating payments were enacted after devastating fires in 2018.
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Fitch said 1Q wildfire losses could add 6% to 10% to Mercury’s CoR.
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It is among the first bills to pass the House during Donald Trump’s presidency.
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The industry loss number has increased threefold from an initial $5bn pick.
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After a period of re-assessing risk appetite, underwriters were signalling growth again – that was, before the fires.
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The total includes fire and smoke damage plus living expenses for evacuees.
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The executive will replace retiree Michael Miller.
