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An insurance company has purchased a Catastrophe reinsurance policy. The insurance companys retention is $10,000,000. The insurance company has aggregate cat losses of $13,000,000. (a)

An insurance company has purchased a Catastrophe reinsurance policy. The insurance companys retention is $10,000,000. The insurance company has aggregate cat losses of $13,000,000.

(a) What is the gross loss to the insurance company, prior to reinsurance?

(b) What is the net loss to the insurance company, after reinsurance recoveries?

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