Reinsurance
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The updated loss estimates come on top of the $14bn to $19bn industry loss range the analytics firm provided last week.
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The quake caused building damage and downed power lines, leaving at least one person dead.
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The executive said a capital-light structure would enable continued investment in underwriting, origination and servicing.
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The reinsurer warns that climate risks could increase average weather-related property cat losses in advanced markets by more than 60%.
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Plus the latest senior executive moves and all the top news from the week.
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The modeller excluded precipitation-induced flood losses from its estimate, which comes in above the $18bn from KCC.
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The majority of those canvassed by Insurance Insider said their gut feel was Ida would represent “another Hurricane Laura but slightly worse”.
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Casinos and ski resorts have shut down, and hotels are housing firefighters in usually buzzing holiday destinations near South Lake Tahoe, California.
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The Caldor Fire, which is 18% contained, has been active for 17 days and in that time destroyed 675 structures and damaged 40.
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The estimate includes damage to residential, commercial and industrial property and vehicles.
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The storm could bring losses of $20bn-$25bn in losses across property cat, D&F, binders and energy.
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Reinsurers, commercial and specialty carriers stocks edge down after Hurricane Ida, in line with dip in S&P Insurance Index.
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