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Allstate reported cat losses of $1bn and $885mn for June and May. -
The loss is composed of personal lines property losses, representing 54% of the loss, and commercial lines property losses, which represent 46% of the total industry loss.
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Loss estimates from Aon, Gallagher Re, Swiss Re and Munich Re all point to a significant component of severe convective storm losses.
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Sources added that the company will continue to monitor portfolio performance to reopen business on a state-by-state basis.
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The latest estimates peg the fires as the second largest loss event in the state’s history, second only to Hurricane Iniki in 1992.
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Demex said its RCR Re platform enables cedants to buy reinsurance for secondary peril risks that aggregate over time.
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Most forecasters now predict above-average storm activity for the Atlantic as a result of record-high sea-surface temperatures.
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Primary writers of homeowners and commercial property are exposed, while reinsurers could face wildfire losses.
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Primary market, reinsurance and ILS will all need to prove themselves before capital flows back in, said LCM CEO Paul Gregory.
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At least six aggregate bonds offering convective storm cover have been marked down by around an average of more than 20% on the secondary market.
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The modelling agent estimated that the total number of buildings within the fire perimeter is approximately 3,500.
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Thursday’s update pegs the likelihood of near-normal activity at just 25%, a decline from the 40% chance outlined in May's outlook.
