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The property and casualty insurance industry is suffering from an unwelcome surprise in its loss portfolio, as areas once perceived to be at low risk for catastrophes are generating costly cat losses, says a Guy Carpenter report.

In its report, “Cold Spots Heating Up: The Impact of Insured Catastrophe Losses in New Growth Markets,” Guy Carpenter says that as insurance penetration has increased in developing countries, the distribution of catastrophe losses is shifting as well.

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