After the deluge
With reinsurance brokerage Holborn warning that US catastrophe losses since April are likely to exceed $20bn and previous loss estimates ranging from $5bn to $15bn, the impact of the 1,200 reported tornadoes that hit the US in the past two months and the extensive flooding along the banks of the Mississippi threatens significant potential losses to the direct and facultative markets.
According to confidential proprietary estimates from Property Claims Services (PCS), the cost of the five major...
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