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It estimated insured losses from nat cats on track to exceed $135bn in 2024. -
The carrier attributed the intensification of storms this season to climate change.
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Lloyd’s has taken around 6% of aggregate US hurricane losses in recent years, and disclosed estimated net losses from Helene and Milton of $1.8bn to $3.4bn.
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The 2024 hurricane season stayed within predictions for high activity but lacked market-moving events.
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The Class B notes on the carrier’s debut deal attach at $500mn of losses.
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The floods add to an already historic loss tally for Canada in 2024.
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Helene losses were spread wider than initially suggested, in contrast to Milton claims.
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Twia’s SCS losses in Q1-Q3 2024 have been more than double the budgeted amount.
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Swiss Re reported some $743mn in catastrophe losses for Q3 alone.
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The company said it is still on target to achieve $3bn net income for the full year.
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Fema's traditional reinsurance programme will attach at losses of $7bn and above.
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The carrier said it expected its Milton losses to fall below its EUR500mn ($537mn) Helene loss.
