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Marko Ninkovic, Head of Claims Specialty at Brit, explains the growing challenges of war risk claims and modern piracy at the International Association of Claims Professionals Conference in Orlando. -
The company said $13bn-$22bn will come from wind damage.
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Earlier this week, RMS estimated insured losses for Helene and Milton at $35bn-$55bn.
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Randy Fuller, Head of North America Property at Guy Carpenter, discusses market stability, hurricane impacts, and the evolving role of claims professionals on October 1st, 2024.
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The catastrophe loss estimate for September totalled $889mn, pre-tax.
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A canvassing of the market showed some bifurcation on the necessity of a government backstop.
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HCI is estimated to incur a net expense of $125mn for Milton in Q4 2024.
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Most of the insured loss was attributable to wind.
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The above-average tally was driven by a high frequency of mid-sized events.
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The carrier highlighted Italian and French hail events in recent years.
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The company incurred $563mn of total cat losses related to the storm.
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The bulls expect around $20bn-$30bn in Milton losses, with the bears anticipating $40bn-$50bn.
