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The storm was downgraded from super typhoon status before making landfall on Sunday.
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The storm is currently moving over the Dominican Republic and headed for Bermuda.
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This publication’s review of H1 disclosures shows how listed (re)insurers’ nat cat losses have tallied with aggregate projections.
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The Category 1 storm will likely cause “life-threatening flash and urban flooding” in eastern portions of the Dominican Republic through early Tuesday, according to the NHC.
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The storm is currently at Cat 4 strength but will weaken to Cat 3 as it approaches land.
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Florida specialists have continued to cede more premium to reinsurers, topping $7bn in 2021.
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Insurance Insider selects 10 exclusive news stories reported by our team on the frontline at Monte Carlo Rendez-Vous.
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In their messages at the Rendez-vous de Septembre, Munich Re, Hannover Re, Swiss Re and Scor signalled a ripe environment to hike prices and adjust terms.
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Hail is not covered by the state-backed CCR Re scheme, pushing losses into the private reinsurance market.
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Earlier loss reports suggested the total costs would be much lower – Perils’ first report estimated losses at A$3.99bn, while its second pegged losses at A$4.89bn.
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Market sources are suggesting inflation could require a wider group of US cedants to buy $10bn-$20bn of additional cat coverage for 2023.
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The German carrier telegraphed continued pricing discipline into 2023 as carriers grapple with reduced available capital.