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HCI is estimated to incur a net expense of $125mn for Milton in Q4 2024. -
Most of the insured loss was attributable to wind.
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The carrier has appointed AIG’s Sharon Primerano as vice president and US inland marine manager.
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The estimate includes private cover for residential, commercial and industrial property.
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RMS will issue its final loss estimates for Milton later this week.
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Milton’s significant but less-than-expected hit shifts our expectations for industry recovery.
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Milton made landfall near Siesta Key yesterday, leaving 2.7 million homes without power.
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Over the past several months, Floir approved nearly one million policies for takeout from Citizens.
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On Wednesday, the model had suggested a mean figure at $25.3bn.
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Florida insurers averted a crisis, but reinsurers will still see damages.
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Shares gained after Hurricane Milton did less damage than anticipated.
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The event has spared (re)insurers the more extreme scenarios that were under discussion earlier this week.
