Weather
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This is the final estimate for the cyclone, which hit Europe a year ago.
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Last year’s feast has repeated on the market as Irma losses deteriorated, while fresh wildfires have caught out those who loaded up on liability exposure.
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Eden Re provided $300mn of retro support for Munich Re in 2018 across a couple of debt issuances. -
The government also said it is exploring the possibility of issuing a cat bond in the near future.
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Hurricane Michael and the California wildfires have trapped a significant portion of retro capacity, the analysts said.
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News of the steep C share loss follows the revelation of regulatory probes in the US and Bermuda.
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The insurer is understood to be exploring the possibility of claiming the Camp Fire as two separate events as it looks to maximise reinsurance recoveries.
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Tropical Storm Risk has projected 12 tropical storms, five hurricanes and two major hurricanes for the 2019 storm season.
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The carrier’s $1.2bn gross loss from the two wildfires would trigger the carrier’s nationwide programme, which attaches above $500mn.
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The figure includes a $15-$19bn loss estimate from the recent Camp and Woolsey fires.
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The insurer has called for the increase as a result of costs relating to the ongoing assignment of benefits crisis.
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The losses relate to Hurricane Michael and the 2018 California wildfires, the Sompo International subsidiary said.
