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Four cat modelers have also submitted their tech for regulatory review. -
These events can also no longer be considered secondary perils, executives said.
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Some $4.8bn of reinsurance and cat bond limit will come up for renewal in 2025.
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Wows will offer coverage tailored to high-value properties, written on non-admitted paper.
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The commissioner said in a legal bulletin that smoke claims can’t be “summarily denied”.
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Hippo estimated its pre-tax cat loss from the LA wildfires at $42mn.
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As of February 14, the company received 405 claims.
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The London D&F market will shoulder most of the losses.
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Inflation, supply chains and tariffs also add to the challenges, he said.
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Under the new guidelines, the carrier is requiring more distance from the brush.
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The organization was hoping to grow its reinsurance cover.
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The company is seeking an emergency rate increase after the devastating Los Angeles wildfires.
