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The outlook calls for an 85% chance of an above-normal season. -
Recent contingency losses reflect a willingness of the market to go looking for premiums.
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The storm is expected to be the second billion-dollar SCS loss event this month.
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The proposals include increasing either statutory or CRTF funds.
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The BMC-IBM judgment was insured for about $700mn on a heavily co-insured tower of around $1bn.
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This takes pre-tax cat losses for the calendar year to $1.23bn
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The ratings agency warns that wildfire is an increasingly risky and unpredictable peril.
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Storms struck the Great Plains, the Midwest and the Southeast.
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The carrier said it has “moderate exposure” to the bridge collapse.
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Habitational, lessors’ risk and BOP accounts are among the most challenged.
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US SCS insured losses YTD already stood at around $12bn prior to these events.
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In April, this publication revealed that the carrier is the lead market on the property placement for the bridge.
