North America
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The pool services a number of public authorities in California. -
Severe convective storms accounted for 41% of last year’s insured loss load.
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In the food and beverage market, rates are falling by an average of 3%-4%.
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The carrier can claim separately for the Palisades and Eaton fires if necessary.
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The carrier has received more than 3,600 claims from LA wildfires.
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There are many unknown factors including insurance gaps, high-value property and damage to critical infrastructure.
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The estimate has reduced slightly since the modeler’s last update in October.
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The anticipated portion ceded to reinsurance may reach the mid-to-high single-digit billions, it added.
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This will be the most expensive fire in the state’s history, it said.
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A $30bn industry loss would use one-third of Big Four’s 2025 cat budgets.
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The reinsurance attaches at $7bn, unchanged for the past two years.
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Sources say the Fair Plan is under-reserved, leading to the possibility of member assessment.
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