RMS
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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 founding members include Munich Re, Gallagher Re, and BitSight.
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The changes have resulted in as much as 20%-30% increases for certain portfolios, sources said.
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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 insured losses include those to private insurers as well as to the Turkish Catastrophe Insurance Pool.
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The risk modeler estimated the NFIP could take $10bn additional losses from storm surge and inland flooding.
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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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The incoming SVP joins from BMS Re, where she led the catastrophe analytics team for more than 10 years.
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The cat risk modeller’s estimate is well ahead of KCC’s $18bn, as RMS said infrastructure in the states impacted by Ida have “never experienced such a strong hurricane wind intensity”.
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The modeller said 70% of losses will come from Germany and a quarter from Belgium.
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