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Increased vegetation could spell trouble in the future. -
The ICA has escalated its ‘significant event’ declaration to ‘insurance catastrophe’.
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The broker has analysed the differences in wildfire risk between Northern and Southern California.
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The LA wildfires resulted in the largest insured loss of the year, at $40bn.
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November hailstorms and current storms and bushfires racked up claims.
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What is the strategic thinking behind The Fidelis Partnership’s unique business model?
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The event is the second billion-dollar SCS event to hit the country within a month.
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The influx of capital, combined with a quiet wind season, led to favorable conditions for cedants during 1.1 renewals.
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Price has become a key differentiator in marine and energy.
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Cedants pursued property renewals “aggressively” amid excess reinsurer capacity.
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Los Angeles wildfires and SCS pushed US losses to $89bn.
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The storm outbreak follows similar events in the area in 2020 and 2023.
