AIR Worldwide
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The bond in four tranches will offer USAA multi-peril aggregate cover. -
The modeller incorporated a 5% exceedance probability insured loss estimate to its report for the first time.
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The modelling firm’s wind and surge losses remain at $17bn-$25bn.
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The modeller said repairs to infrastructure could run into months.
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The modelling firm said its study aimed to help insurers “plan for the worst and hope for the best”.
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The climate forecaster claims that the underlying assumption may be faulty.
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No damage has been reported to the city’s nuclear power plant.
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The latest annual estimate was 4% higher than in 2019 and up 11% since 2018.
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The modelling companies issue lower ranges than KCC’s earlier $4.4bn forecast.
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Sally buffeted cities and town as it moved across Alabama at speeds as low as 2 mph, the modeller said.
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Uncertainty remains over energy sector and Covid-19 impact on loss adjusting and rebuilding.
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Modelling firms said there were too many variables to quantify the impact, but many factors could escalate claims.
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Ciara and Dennis could be the most significant European windstorm losses since 2018.
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The storm struck parts of Ireland and the UK on 9 February, before moving to mainland Europe.
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The firm is the first risk modeller to issue an official estimate after the typhoon made landfall in Japan on 12 October.
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The storm is now at Category 4 strength, and tracking to make landfall in Japan at Cat 3.
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The facility had originally estimated that it would pay out $10.9mn.
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The firm’s estimate points to a higher top-of-the-range loss than early market forecasts of between $1.5bn and $5bn.
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Modelled average annual loss is less than a quarter of the economic estimate, meaning more needs to be done to close the protection gap, the modeller said.
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The typhoon was the strongest storm to hit the Chinese province of Zhejiang since 2015.
