Property
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The peril has been historically difficult to model compared to others. -
The storm devastated Jamaica and Cuba, but insurance penetration on the islands is low.
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Widespread underinsurance and low exposures will limit losses.
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Many commercial risks will have London coverage, but insured values are relatively low.
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Hurricane warnings are in place for Guantanamo, Holguin and Las Tunas.
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Economic losses from the Cat 5 storm could run 30%-250% of the country’s GDP.
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A US landfall is not expected, but the storm could hit the Bahamas by Friday.
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The storm could bring flooding to Jamaica, Cuba and Haiti.
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The funds will combine credit and ILS holdings.
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The hire comes as Guy Carpenter fills the void created by the Willis Re raid earlier this year.
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Equivalent to a Category 5 hurricane, Ragasa is the world's strongest storm this year.
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Reinsurer executives during a Aon reinsurer panel stressed that the industry worked hard on setting the right structure.
