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The catastrophe loss estimate for September totalled $889mn, pre-tax. -
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.
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The estimate includes private cover for residential, commercial and industrial property.
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RMS will issue its final loss estimates for Milton later this week.
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With the storm’s losses looking more favourable, questions over rates and gross/net strategies will arise.
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An estimated $6bn to $9bn will be ceded to the FHCF, and $6bn to $10bn to traditional reinsurance markets.
