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In line with Milton’s moderate forecast loss, the ILS market reaction will be less influential in post-event dynamics. -
The carrier’s estimated pre-tax losses from Milton are $65mn to $110mn.
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The cyclone pool received $479mn in GWP in the year to 30 June 2024.
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Another potential individual disability insurance loss of $40mn relates to a physician.
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The vehicle will leverage global reinsurance market capacity in the event of a natural disaster.
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The firm still expects to deliver positive net income for Q3 2024.
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Assuming Munich Re takes roughly a 3% market share of hurricane losses suggests a ~$20bn industry loss for Helene.
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The reinsurer said three Canadian loss events in the quarter will lead to similar claim expenditure as Hurricane Helene.
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As a result of mostly flooding, £495mn ($644mn) of losses occurred in the UK.
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Uncertainty around court outcomes is almost forcing carriers to settle claims.
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Areas with growing demand and complexity include natural catastrophe and cyber, it said.
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Cedants and brokers called for long-term relationships as reinsurers addressed loss creep.
