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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The potential transaction is expected to complete in the third quarter.
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The firm’s climate change models will allow users to model their portfolios under the four different emission pathways adopted by the Intergovernmental Panel on Climate Change.
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The catastrophe modeller made the estimate using a new climate change risk model.
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The firm said the outcomes differ by peril, region, and climate scenario.
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No damage has been reported to the city’s nuclear power plant.
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California blazes including the Glass Fire have driven up the estimate considerably since September.
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The modelling firm anticipates up to $500mn of additional claims from offshore platforms, oil rigs and pipelines in the Gulf of Mexico.
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The 2020 figure tops the 1.96 million-acre high of 2018, when fires cost the industry around $18bn.
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Total insured losses are well up on 2019, but the severity of individual blazes is not likely to impact reinsurers extensively.
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Ciara and Dennis may turn out to be the most significant European windstorm losses since 2018.
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The forecast broadly aligns with estimates from rival modelling company AIR.
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The storm has already caused major disruption, including the cancellation of well over 1,000 flights.
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The facility had initially estimated a payout of $10.9mn.
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Insured loss estimates given in the fortnight following Typhoon Jebi last year were low. AIR gave a range of $2.3bn-$4.5bn and RMS predicted $5.5bn.
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Previous category 3-4 storms passing near Grand Bahama and Abaco caused up to $1.3bn of damage in today’s prices, according to the modelling agency.
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The calculation includes two Category 4 events and three Category 3 events.
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