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International News

January 1, 2020 reinsurance renewals reflect asymmetrical market:Guy Carpenter

David Priebe, Chairman of Guy Carpenter, added: “The reinsurance market enters 2020 in a solid position with initial analysis of dedicated reinsurance capital up slightly as compared to a year ago, bolstered by mid-single digit growth in rated capital in 2019. Accounting for the impact of trapped capital, total available capital at January 1 is close to flat. While reinsurers will continue to deploy capacity cautiously, with cedents’ performance and loss experiences scrutinized closely, the sector remains well capitalized overall.”

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Indonesia Flooding Forces Evacuation of More Than 400,000 People with 42 Deaths

The new capital that Indonesia will build on the island of Borneo will be flood proof, Public Works and Housing Minister Basuki Hadimuljono said.“While the government may be even more keen to shift its capital city now, the flood is a reminder that the host of issues facing Jakarta – whose metropolitan area is home to 30 million Indonesians – remain acute,” said Wellian Wiranto, an economist at Oversea-Chinese Banking Corp. in Singapore.

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The escalating costs of Australia’s wildfire disaster

The Insurance Council of Australia says 5,259 claims worth A$321 million ($224 million) have been lodged. Consultancy SGS Economics and Planning has estimated that Sydney’s economy loses as much as A$50 million each day it is blanketed with a toxic haze from smoke billowing in from the fires. An inquiry into the Black Saturday fires estimated the cost at A$4.4 billion.

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