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The vehicle will leverage global reinsurance market capacity in the event of a natural disaster. -
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.
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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.
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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.
