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An EF-4 tornado devastated Greenfield Iowa, adding to the expected multi-billion-dollar toll. -
Recent contingency losses reflect a willingness of the market to go looking for premiums.
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The storm is expected to be the second billion-dollar SCS loss event this month.
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The proposals include increasing either statutory or CRTF funds.
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The total economic cost from the catastrophe is estimated to be EUR9bn.
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The BMC-IBM judgment was insured for about $700mn on a heavily co-insured tower of around $1bn.
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The timing of the incident could leave carriers running large net exposure for the remainder of the policy year.
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The ratings agency warns that wildfire is an increasingly risky and unpredictable peril.
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After an unexpected charge in Q4 last year, the carrier feels “very comfortable” with its reserving position.
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Storms struck the Great Plains, the Midwest and the Southeast.
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Parametric triggers are likely to involve financial losses and a number of impacted businesses.
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The firm said its reserving for the year is modelled on multiple scenarios.
