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The National Flood Insurance Program had been set to expire on 21 December.
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At least 222 deaths have also been attributed to the disaster. -
The claim is largely unreserved in the London market, sources said.
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Settle in for The Insurance Insider’s 12 days of Insurancemas.
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IAG estimates $120mn in claims from the fifth event to be designated a catastrophe this year by the Insurance Council of Australia.
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Hurricane Michael is the leading source of insured losses for the warranty provider.
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Losses have climbed by about $500mn since the regulator’s last update at the end of November.
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Trapped collateral after recent catastrophes could buttress pricing, the analysts say.
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AIR said its estimates are based on the assumption that 500mn records were stolen.
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The asset manager announces a 45 percent erosion on the net asset value of its listed fund’s C shares.
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Natural catastrophes are estimated to account for $71bn of the total.
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Industry loss estimates are expected to increase as carriers come to terms with their actual exposure to this year’s record-breaking wildfire season.
