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The Insurance Council of Australia lifted its claims tally by 27 percent from its initial figure, with aggregate deductibles the main reinsurance exposure to the loss. -
The (re)insurer faced increased losses from Hurricane Irma alongside Typhoon Hagibis and wildfire claims.
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The storms will compound wildfire losses and put reinsurers on Suncorp's aggregate covers on watch.
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Quota share and aggregate-property cat contracts are under watch as a result of the recent Australian bushfires but occurrence covers will probably remain mostly unscathed, sources expect.
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Cat bond fund returns rebounded in 2019, with widely divergent experience among ILS funds investing in private instruments.
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The exposure to this transaction across private ILS strategies varies from 1.7 percent to 1.9 percent of November's portfolio, the manager said.
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The company’s Francis Bouchard said climate change was “one of the most dangerous and most complex risks we face”.
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The most likely global risks relate to climate change and environmental issues for the first time, according to the WEF’s 2020 Global Risks Report.
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The US experienced twice the number of billion-dollar events in the 2010s than in the prior decade.
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As more claims emerge from the December-January fires, aggregate reinsurance contracts will be exposed to rising losses.
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Hiscox sold the parametric cyber cover to an as-yet-undisclosed buyer.
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The firms said their relationship would see RenRe sourcing capital to provide Beazley with cyber catastrophe reinsurance cover.
