RMS
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The loss is based on modelled outputs, as opposed to an initial loss estimate.
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Exposure updates played a greater role than expected.
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The vulnerability updates are the biggest driver of loss changes.
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Up-to-date building codes could reduce the amount insurers pay in the Caribbean by 18%, according to the risk modeller.
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The cat bond will provide indemnity coverage on a per occurrence basis.
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The founding members include Munich Re, Gallagher Re, and BitSight.
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The National Flood Insurance Programme could face a loss of around $500mn from the hurricane, according to the estimate.
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The update projections for wind only show a 20% likelihood of losses approaching $11.7bn.
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The risk-modelling expert has served at RMS for almost 19 years after joining as a graduate trainee.
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The insured losses include those to private insurers as well as to the Turkish Catastrophe Insurance Pool.
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RMS pushed the guidance for the Carolinas component of the Ian loss $120mn higher at the mean level up to $1.94bn, as it updated figures on Saturday in private figures to clients.
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The storm is not expected to be a threat to the order of Jebi or Hagibis.
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