Claims and losses
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Fifteen events caused estimated losses of $306mn.
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Gallagher Re estimated insured losses will amount to between EUR2bn and EUR3bn
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The central European flooding stems from a ‘Genoa Low’.
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The Jan De Nul-owned Zheng He was seized by Mexican authorities in November last year.
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Moody’s also predicts losses to the NFIP at less than $200mn.
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The estimate is like others in the market, suggesting a relatively small loss from the event.
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The hurricane has led to a “surge” in insurance claims related to floods, according to the IBC.
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The ratings agency said companies focused on growing business in Gulf Coast states, however, would face a “key test” as claims materialised.
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A sub-$3bn industry insured loss event would be similar to estimates for hurricanes Beryl and Debby.
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The marine carrier’s financial result for the period was $25mn.
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Francine has been the eighth Category 2 or larger storm to make landfall in Louisiana since 2000.
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‘Life-threatening’ storm surge and hurricane-force winds expected for the state, according to the NHC.
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Francine is expected to make landfall in Louisiana tomorrow.
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The estimate from the Perils-owned company does not include any losses from Hurricane Debby.
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Flooding from the remnants of Hurricane Debby has taken carriers by surprise.
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Storm-like conditions caused by heat have led to “very erratic behaviour” on the so-called Line Fire.
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Some Canadian cedants have approached the market for top-up cover.
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Outdated data, widespread underestimation of insured values and rises in repair costs have increased loss creep.
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The Court of Appeal ruled that ‘at the premises’ wordings provide coverage for Covid-19 losses.
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The loss has increased by 1.4% since the company’s first assessment.
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Urban expansion, climate change and inflation are key drivers of losses.
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The Insurance Bureau of Canada said the blaze damaged one-third of the Jasper community.
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Data shows nat cat losses in Canada have increased substantially this century.
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The Eras tour has additional coverage in place to cover cancellation for PVT perils.
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Rising premium income is not keeping pace with the increased cost of claims.
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The storm made landfall on Saturday as a Category 1 hurricane.
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Ernesto’s maximum sustained winds have reached 100 mph.
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Flights cancelled as typhoon ramps up to Cat 4.
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Moody’s also predicts losses to the NFIP at less than $300mn.
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QBE has “effectively stopped writing new business” in response to its New Caledonia loss.
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Hail remains the primary sub-peril dominating insured loss costs.
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Both groups continue to call for a highly active season, however.
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The fires, which broke out on Sunday, had already burned 100 square km of land by 19:00 BST.
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Police and civil authorities will likely pick up most costs.
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Debby should be a “very manageable” storm for the (re)insurance market, it said.
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A canvass of sources suggests that a $3bn-$5bn loss could tip the cyber market into unprofitable territory.
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Severe thunderstorms, mainly in the US, accounted for 70% of insured losses globally.
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The NHC has said there is potential for “historic heavy rainfall” across southeast Georgia and South Carolina.
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It consisted of three major earthquakes within a nine-hour period on 6 February 2023.
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The ‘life threatening’ hurricane has potential for “historic heavy rainfall” in the southeastern United States.
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Everest Re bucked a more general trend to keep cat exposure stable.
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The broker said less than 1% of companies globally with cyber insurance were impacted.
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Securities class actions are a perennial source of claims for D&O insurers.
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Over 75% of insured losses attributable to severe thunderstorms, flooding and forest fires.
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The firm said losses could fall under $300mn if more favourable assumptions were applied.
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The property market remains “one of the most favourable... I've seen in my career", he said.
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The event would represent a loss ratio impact of roughly 3%-10% on global cyber premiums of $15bn today.
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The cyber market should use the latest outage to start decisively taking action on managing cat aggregates.
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The weighted average direct financial loss for a Fortune 500 firm was $44mn.
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The carrier’s cyber hours clauses and sub-limits will limit exposure, according to the analyst.
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Market sources suggest that this will be a manageable loss, although at this early stage there are multiple uncertainties.
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The current guidance is that Beazley will publish an undiscounted CoR in the low-80s at full year.
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Insured losses in the single-digit billions would not translate into a material impact for (re)insurers.
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The broker warned that D&O and P&C policies could also be impacted by the outage.
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CrowdStrike has an estimated 15%-25% market share among large companies.
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The incident highlights the aggregation risk around cloud service reliance.
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The modeller said 3 million homes were without power at its peak.
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The figure is well above the historical average of $39bn for this century.
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Allstate’s total pre-tax cat losses for H1 2024 were $2.85bn versus an estimated $4.39bn in H1 2023.
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Most of the losses occurred in Bavaria and Baden-Wuerttemberg.
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The losses come ahead of an expected active Atlantic hurricane season.
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The biggest losses were from wind damage after the storm’s Texas landfall.
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Uncertainty around the quantum remains due to policy deductible variation.
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Insurers' losses will likely be low and readily absorbed by their earnings.
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A roundup of all the news you need today, including the FCA’s new listing rules.
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Chief science officer Steve Bowen said it was still too early to provide precise insured-loss estimates.
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Houston mayor John Whitmire said: “We woke up this morning on the dirty side of a dirty hurricane.”
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Beryl has been downgraded to a tropical storm but is still life-threatening, with news media reporting two deaths so far.
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According to BMS, Hurricane Beryl is likely to be a retained event for most insurance carriers.
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Insured losses could be less than $1bn if current NHC forecasts are accurate.
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The storm destroyed housing in St Vincent and the Grenadines and Grenada.
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The storm is predicted to hit the Caymans tonight or early Thursday.
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Grenada and St Vincent were spared the full brunt of the storm.
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Loss assessment is ongoing but the event looks likely to be a total loss.
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Hurricane conditions are expected in Jamaica on Wednesday, according to the NHC.
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Aggregated losses are likely to be around the long-term H1 average of $8.5bn.
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The estimate is up from A$1.5bn, published by Perils in April.
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The Gallagher executive called it a “relentless start to the year”.
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Riots erupted in the Pacific Island territory last month over electoral reforms.
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Re-marketing of large fleets can result in double-digit rate decreases as carriers chase income.
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The claims tally has increased 7% since the last estimate a month ago.
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Reinsurance sources say the pool targets the wrong aspects of Australian cat losses.
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Alberto is the first named storm of this year’s hurricane season.
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Loss estimates are coming in for the weather event in Bavaria and Baden-Württemberg.
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The loss follows the pattern of 2002 and 2013 European flooding.
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Renewable energy assets have been plagued by severe weather losses.
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Europe has experienced an uptick of insured losses from severe weather.
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The mean nuclear verdict for 2013-2022 was $89mn, versus $76mn in 2010-2019.
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An EF-4 tornado devastated Greenfield Iowa, adding to the expected multi-billion-dollar toll.
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Recent contingency losses reflect a willingness of the market to go looking for premiums.
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The storm is expected to be the second billion-dollar SCS loss event this month.
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The proposals include increasing either statutory or CRTF funds.
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The total economic cost from the catastrophe is estimated to be EUR9bn.
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The BMC-IBM judgment was insured for about $700mn on a heavily co-insured tower of around $1bn.
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The timing of the incident could leave carriers running large net exposure for the remainder of the policy year.
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The ratings agency warns that wildfire is an increasingly risky and unpredictable peril.
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After an unexpected charge in Q4 last year, the carrier feels “very comfortable” with its reserving position.
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Storms struck the Great Plains, the Midwest and the Southeast.
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Parametric triggers are likely to involve financial losses and a number of impacted businesses.
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The firm said its reserving for the year is modelled on multiple scenarios.
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The carrier said it has “moderate exposure” to the bridge collapse.
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A claims dispute between the US Coast Guard and insurers has sparked fear about aggregations.
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Overall economic losses hit $45bn in the first quarter of 2024.
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The goal is to narrow the cyber protection gap, strengthening UK resilience.
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The flooding was caused by thunderstorms, as opposed to cloud seeding, experts say.
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There is a high likelihood the property claim will be subrogated.
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The broker used a consensus-based hypothetical cat event type to analyse its global impact.
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The city alleges defendants knowingly allowed an “unseaworthy” Dali to set sail.
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As a result of mostly flooding, £474mn of losses occurred in the UK.
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Insurers in the emirate typically buy low-attaching reinsurance.
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This follows February’s cat losses coming in below the $150mn reporting threshold.
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Insured loss for Q1 was 10% higher than the decadal average of $18bn.
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UK property insurers paid out £4.86bn in property claims last year.
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The most extensive damage was caused by rainfall in Texas, Louisiana, Mississippi and Florida.
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The recent Italian hail and Bernd losses show some companies are relying on outdated models.
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Tropical Storm Risk (TSR) has updated its forecast for North Atlantic hurricane activity, predicting a "hyper-active season" in 2024, with activity being around 70% above the 1991-2020 climate norm.
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The Magnitude-7.4 earthquake occurred early on 3 April.
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Eleven hurricanes are predicted, with five expected to reach Category 3 or higher.
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Copenhagen Infrastructure Partner’s policy is subject to a sub-limit for hail damage.
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The owner and manager of the cargo ship Dali have filed suit to cap liability at $43.7mn.
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Tremors were felt as far north as capital city Taipei.
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The estimate is up from A$1.4bn, published by Perils in February.
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Several prior-year cat losses deteriorated during the quarter.
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A claim on that scale would test the market in ways it has never seen.
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CyberCube expects ransomware attack to impact both large and SME accounts.
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The complexity of the incident and US location point to one of the largest-ever marine losses.
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A Maersk-chartered container ship caused the Francis Scott Key Bridge to collapse.
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Severe convective storms were the biggest driver of last year’s losses.
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Underestimated average claim value has led to a dramatic February update.
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Exposures to property are growing materially in the riskier geographies.
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The US tallies $97bn in economic losses from major perils each year.
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Rate increases have accelerated further after major losses in 2023.
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The event occurred a fortnight after major North Island flooding in New Zealand.
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There were 10 fatalities, mostly due to drowning or tree fall accidents.
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The carriers were in arbitration with UnipolRe and Gen Re.
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A so-called atmospheric river effect is behind the severe weather.
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The figure represents a 26% increase on the previous estimate.
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Most of the losses occurred in France, followed by the UK and Belgium.
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The insurer says Greensill's claim "arises out of a fraudulent scheme”.
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The talks must be completed by 28 June to avoid a trial.
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The final estimate is a 12% increase on an August tally of NZ$1.99bn.
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Convective storms cost more than ever, but activity was not exceptional.
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The increase can be attributed to the Christmas storms of 2023.
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The court gave a mixed ruling on subjects including coverage, aggregation and furlough.
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Storm Ciarán incurred insured losses of EUR1.9bn, according to WTW’s natural catastrophe report for July to December.
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The broker’s latest climate report tallied global insured cat losses at $118bn.
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As a result of mostly flooding, £467mn of losses occurred in the UK.
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The source of the funding is one of the most problematic elements for sources who spoke with this publication following the draft bill’s release on Friday.
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Unfavorable prior year reserve re-estimates, excluding catastrophes, totaled $199mn in Q4, with approximately $148mn related to personal auto, including costs for litigation claims.
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An escalation of conflict at the end of last week is expected to put significant upwards pressure on marine war rates.
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More than three-quarters of the losses came from the firm’s UK&I line of business.
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Wind and tornado in the US may already have led to losses in the hundreds of millions, according to Aon’s report.
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The loss estimate includes property damage, contents and BI insurance across residential, commercial and industrial lines.
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The 737 Max fleet was previously grounded in 2019 following the fatal crashes of Lion Air Flight 610 and Ethiopian Airlines Flight 302, when Boeing had a $500mn sub-limit on such claims.
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The scale of the claim is expected to be just within the expected total weather losses for insurers.
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The figure does not include losses from the likes of infrastructure, automobiles and business interruption.
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The year was characterised by several severe and costly thunderstorms.
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Residential losses are expected to account for around two thirds of the claim total.
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While it is too early to determine the total financial loss, the US Geological Survey believes there is a 64% likelihood it will reach into the billions of US dollars.
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Domestic carriers usually have low attachment points for quake losses, the ratings agency noted.
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AIG leads the placement, WTW is the lead broker, with Marsh support, on the JAL account.
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The lessor said the amount of its all-risk claim relating to the 47 engines and five aircraft is around $836mn.
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Tsunami warnings were initially issued following the earthquake but were subsequently downgraded.
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The ICA escalated the event from a ‘significant event’ to an 'insurance catastrophe', reflecting the escalating severity of the situation.
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The broker has reported that Storm Zoltan is set to become the second-highest wind-related insured loss event in Europe in 2023 after Storm Ciarán.
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Insurers have received more than 7,500 claims related to storms across Queensland, New South Wales and Victoria.
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Thursday’s announcement means that the Russian insurer is off the hook for claims proceedings.
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The ICA said the storm has already generated more than 3,800 claims across areas stretching from Cape York Peninsula to Mackay.
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Aircraft lessors have now received nearly $2.4bn in insurance settlements from Russian airlines.
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The ICA has activated its preliminary extreme weather processes to assist in assessing the impact of the flood event.
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France “lead the tally by a significant margin”, followed by the UK, Belgium and the Netherlands, Perils said.
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Next year will see North Atlantic hurricane activity about 30% above the 1991-2020 30-year norm, according to Tropical Storm Risk.
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Losses from severe thunderstorms have increased by 7% annually in the last 30 years, according to the Swiss Re Institute.
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The programme was hit hard by February’s Kahramanmaraş earthquake.
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The costliest disaster was the southeast Queensland and NSW flooding in February 2022.
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David Howden, founder and CEO of Howden, said his proposed method of minimising loss is “entirely non-political” and provides guaranteed funds, as well as certainty and the confidence to invest.
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Most of the industry loss occurred in the UK and was due to flood losses, with limited wind-related losses.
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The company’s litigation was one of the most high-profile cases relating to Covid-19 business interruption.
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According to the reinsurer at least EUR275mn will be covered directly by CCR under public reinsurance.
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The carrier’s combined ratio deteriorated by 10.9 points to 101%.
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Perils estimated the loss at EU377mn six weeks after the event and at EUR488mn three months after.
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Google DeepMind developers recently said in a peer-reviewed paper that the model "marks a turning point in weather forecasting”.
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The number of disasters costing $1bn or more during the period is the highest on record.
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Aon-owned Mexican cat modeler ERN estimated Otis insured wind losses, excluding auto and infrastructure, at $1.2bn-$1.8bn.
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The forecast reflects property damage and BI losses to residential, commercial, industrial and automobile lines.
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The estimate includes wind damage, as well as damage to property, automobiles, agriculture and direct BI.
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The worst of the damage was experienced in Brest, northwest France.
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Sources are now seeing estimates far in excess of Cresta’s $2.2bn October tally.
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Last year’s APCIA took place during the post-Hurricane Ian stand-off, but despite the greater calm and certainty surrounding the run-up to this year’s 1 January renewal, there are several key themes to be debated at the event.
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Severe convective storms accounted for roughly 70% of global insured losses between January and September this year, compared to an average of 34%
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The storm caused significant wind damage and flooding across parts of Scotland and England.
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Sources said that CAC Specialty brokered the policy, which is placed across the US and London markets.
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Verisk said the majority of the insured losses can be attributed to wind damage.
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The ratings agency also said economic and insured losses caused by Otis have reached $16bn.
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More than three-quarters of local exposure is ceded to highly rated reinsurers through excess of loss protection, according to the rating agency.
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The scale of the Cat 221 flood event, as well as labour and materials shortages, contributed to its impact, the ICA said.
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The economic losses from the event are expected to exceed $10bn, the report added.
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Climate change is still the number one area of concern, a study found.
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The October 2022 event brought heavy rainfall, mainly affecting Victoria.
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Videos and messages posted to social media show widespread devastation caused by the Category 5 hurricane.
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Flights had been suspended into Acapulco after the storm rapidly intensified and made landfall at Category 5 strength.
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By region, convective storms in the US alone accounted for 60% of global insured losses.
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Italy’s largest insurer has booked EUR840mn in cat losses for the nine months to 30 September.
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The carrier continued to experience a significant level of catastrophe losses this year, which resulted in lower year-to-date earnings than expected, according to CFO Frey.
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During the first nine months of 2023, a total of 24 separate billion-dollar weather and climate disasters have been confirmed by the NOAA’s National Centers for Environmental Information.
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If the claim does indeed pay out, it has been suggested it will be the largest in R&W market history.
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Meanwhile, war premiums for calls into Israeli waters are expected to rise substantially from a low base.
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The company’s Las Vegas casinos were hit by a cyberattack last month where employee login details were stolen.
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Wildfires in British Columbia were the largest of 11 catastrophe losses for the insurer.
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Rate changes across the aviation all-risk and war markets remain wildly divergent during the key Q4 renewal period, sources told this publication.
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Avenue Capital-backed Greylag claimed that insurers denied coverage of the two lost aircraft, which have a value of nearly $110mn and $120mn, respectively.
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The lessor will continue to pursue its litigation in the Irish courts under its own insurance policies.
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Loss data going back to 2000 reveals that severe convective storm plays an “ever more important role” in cat losses.
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Several London insurers, including Tokio Marine Kiln, Axa XL, Munich Re, Starr International and Chaucer, are named in the new case.
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The final report said the majority of the losses occurred on Kyushu Island with 74% of the total industry loss.
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The worst-case scenario of a $12bn-$15bn claim looks to have been taken out, but there are lots of complex, vexed negotiations still to come.
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According to the National Hurricane Center, Lee made landfall at Long Island, Nova Scotia, on Saturday.
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With winds speeds around 80mph, Lee is now a Category 1 hurricane but is still expected to be ‘a large and dangerous storm' by the time it reaches New England and Canada.
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Slow weakening is forecast during the next few days, but Lee is likely to remain a large and dangerous hurricane into the weekend, the update noted.
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Insurance Insider has compiled a bite-sized wrap-up of the exclusive news stories and CEO interviews from this year's Monte Carlo Rendez-Vous.
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The flooding followed a major rainstorm, which has been labelled a 1-in-500-year event.
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Alongside a parametric scheme, a further insurance pool providing up to $1bn in cover will recoup funds to benefit the post-quake recover.
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The carrier is one of a number of small firms with heavy concentration in Hawaii.
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The country’s second-largest carrier has disclosed around EUR100mn in gross losses during H1.
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The insurance company had set out plans last summer to expand its market share in Florida.
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Tropical Storm Lee is set to strengthen to an “extremely dangerous” Category 4 hurricane by the end of the week, although there are no coastal watches or warnings in place as yet.
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Meanwhile, ongoing hostilities have curtailed business opportunities for grain transport in the region.
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The National Flood Insurance Programme could face a loss of around $500mn from the hurricane, according to the estimate.
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The analytics firm said that the majority of insured losses will be attributable to wind.
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Out of the roughly 88 claims received so far, some were storm surge claims that are not covered by the carrier, according to the executive.
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Investigations have revealed more damage than first thought from the July explosion.
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Moody’s said most losses from Idalia are likely to arise from homeowners and commercial property lines.
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The storm battered large areas of the Southeast, leaving homes without power, flooding roads and damaging properties.
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Hurricane Idalia is still live, but the storm’s track reassured market participants that it will be a relatively minor loss, although one potential wild card is the damage it will cause to Georgia and South Carolina.
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The hurricane, now a Category 1, is tracking around 100 miles west of Savannah, Georgia and is expected to pass through the Charleston area of South Carolina.
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The figure – which is not a loss estimate – would be consistent with early views of a sub-$10bn insured loss.
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The storm will weaken further, but remain a hurricane as it passes through Georgia and the Carolinas.
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The broker said that the Big Bend region towards which the storm is heading has a low exposure density.
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More than 800,000 houses could be affected by the hurricane’s storm surge.
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Parts of Tampa, as well as Georgia and the Carolinas, now face dangerous conditions.
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“The Tampa Bay scenario of major hurricanes is mainly off the table at this point”, according to the report.
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If the storm steers clear of Tampa, reinsurers will be well placed for minimal losses, but a retention loss is a further blow for weak Floridians.
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The storm is set to become an “extremely dangerous major hurricane” by landfall on Wednesday.
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The storm is now forecast to become a major hurricane by Tuesday night. This morning’s advisory update had estimated that Idalia would reach major hurricane status by early Wednesday.
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A major hurricane in any section of Florida that extends into the Southeast states is likely a “multi-billion-dollar” insurance industry event, according to the broker.
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The estimate includes privately insured damage to residential, commercial and industrial property, as well as automobiles. Boats, offshore properties and NFIP losses were excluded.
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Idalia is forecast to become a hurricane later today and a dangerous major hurricane over the northeastern Gulf of Mexico by early Wednesday.
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The reinsurance broker said the losses will fall on the higher end of industry loss ranges.
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The estimate is based on the impact to approximately 200 structures where RLI provided primarily homeowners’ insurance.
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Large carriers with geographic spread across the continental US will have the capital and reinsurance coverage to absorb losses related to the wildfires, according to AM Best.
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Vesttoo has filed documents at the Bankruptcy Court for the District of Delaware that seek an automatic stay against White Rock and its putative liquidators.
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The commercial insurance CEO said carriers must communicate on the reasons for ongoing rate increases as the market bifurcates.
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The loss event was flagged by European carriers in recent Q2 earnings disclosures.
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The Australian insurer has denied liability for Greensill’s insurance claims, which are expected to take several years to resolve in court in New South Wales.
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"Finally we feel things are moving forward," says West Kelowna fire chief Jason Brolund.
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Data from the NHC shows that maximum sustained winds are near 65mph, with higher gusts.
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However minor an irritant these losses are for global carriers, their impact is likely to have an outsized influence on the narrative heading into the 1 January renewals.
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Earlier this afternoon, San Diego County issued a tropical storm warning related to Hilary – the first in its history.
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Severe convective storms caused strong winds, large hail and flash flooding in parts of the US and Canada between August 10 and August 15.
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The Cat-4 storm is likely to weaken as it approaches the California coast.
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The development in reconstruction costs and contingent BI claims may put the ultimate sum beyond current estimates.
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The loss is composed of personal lines property losses, representing 54% of the loss, and commercial lines property losses, which represent 46% of the total industry loss.
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The latest estimates peg the fires as the second largest loss event in the state’s history, second only to Hurricane Iniki in 1992.
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Most forecasters now predict above-average storm activity for the Atlantic as a result of record-high sea-surface temperatures.
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Primary writers of homeowners and commercial property are exposed, while reinsurers could face wildfire losses.
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The modelling agent estimated that the total number of buildings within the fire perimeter is approximately 3,500.
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Tens of thousands of people have been evacuated from the island, and nearly 14,000 Maui residents remain without power.
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Due to the collapse of the value of the lira since February, payouts are worth less in dollar terms.
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A fire aboard a car carrier last week raised fresh concerns about the transportation of lithium-ion batteries in electric vehicles.
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The floods struck New Zealand’s North Island between 27 January and 2 February 2023.
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The carrier said a greater number than usual of North Atlantic storms are possible despite El Niño conditions.
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Insurers are messaging that they are able to offset rising reinsurance costs, but will a high-cost tornado season leave them pushing back in the run-up to 2024?
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The syndicate – developed in partnership with Aon – will provide capacity for E&S commercial wildfire risk in California.
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The first quarter of 2023 has already gone down as the costliest on record for the peril in the US.
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Nearly $148mn of the unfavorable reserve development was related to National General, primarily driven by personal auto injury coverages.
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Insurance Insider has gathered data on geographical areas prone to cat events, which are outside of southeastern US states, that keep weather experts awake at night.
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The loss tally comes in 39% above the average for the 21st century.
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The case is the latest in a steady flow of legal disputes relating to business closures during the pandemic.
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The utility previously bought a $1bn policy from the (re)insurance market.
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The Mexican state-owned oil company has been the source of several large energy claims.
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The state of Texas in particular has experienced an unusual amount of severe weather.
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The economic loss, including damage to public infrastructure, is expected to hit EUR9bn.
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The 7.8 magnitude earthquake struck southern Turkey and northern Syria on 6 February, followed by a series of aftershocks.
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The firm says hail alone is estimated to make up 95% of losses, making it one of the biggest hail losses in history.
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The BI loss is set to stretch into the hundreds of millions of dollars, with some anticipating a $500mn+ loss.
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The $49.4bn number remains below a critical ILW threshold.
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The increase takes the carrier’s total reserves for the conflict to $145.6mn.
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The initiative comes as part of a major package of UK aid to Ukraine.
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Damaging hail and wind hit Texas, Arkansas, Mississippi and Georgia.
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The National Hurricane Centre said the Lesser Antilles, Puerto Rico and the Virgin Islands must be vigilant.
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An unusual confluence of factors created almost daily storms.
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The case is the latest in a series of BI disputes that focuses on the issue of claims aggregation.
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Plus the latest executive moves and all the top news of the week.
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The scale of the loss has yet to become clear following the blaze on Friday, although the fire is under control.
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Individual Covid BI cases continue to roll through the courts, with several major decisions.
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The broker said there is a significant protection gap for flood coverage in the affected areas.
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Perils increased the loss estimate by 25% due to a significant increase in average claim size across residential and commercial property lines.
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The firm noted prior-year development on cat events that primarily occurred in late 2022.
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The three lawsuits take the total number of cases filed against insurers from Carlyle in the UK High Court to seven.
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The carrier is looking to reinstate cat reinsurance to cover the increased cost of the Auckland event.
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The loss figure only includes property losses incurred in Turkey, as Perils does not cover Syria.
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Montgomery Aviation and Rise Aviation Limited, along with EOS Aviation, have launched fresh legal battles against Convex and Lancashire.
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A fire at a warehouse outside Amsterdam damaged a substantial amount of cocoa owned by Cargill.
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The loss figure has been updated from the previous estimate of A$840mn, released six weeks after the event.
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Exposure growth in Japan was in the low-single digits, reflecting a more modest inflationary environment.
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Lawsuits from lessors KDAC and Merx will be included in the ‘mega trial’ to be heard next year.
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Rise Aviation has named the two insurers as the representatives for its all-risk and hull-war reinsurance policies, respectively.
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Lessor WWTAI is also pursuing the claim via clause AVN67B, naming the Russian insurers of the airlines in possession of its aircraft.
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Plus the latest executive moves and all the top news of the week.
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In the first quarter of the year, the total global economic loss for all natural hazards was estimated at $77bn.
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The council has appointed Deloitte to examine carriers’ performance during the crisis.
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The carrier cited a “huge” spread of possible outcomes from various lawsuits relating to aviation claims from the conflict.
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Fighting between Sudan’s army and the RSF have resulted in the total loss of three planes, with nine others still on the ground at Khartoum Airport.
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The aircraft lessor has already launched several legal actions relating to aircraft stranded in Ukraine.
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The loss hits a market grappling with social and economic inflation, plus increased reinsurance costs.
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Total economic losses came in well above average, driven by the earthquake in Turkey.
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SRCC losses have now also surpassed other classes of political violence insurance claims, with more than $10bn since 2015, compared with $1bn for terrorism.
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High tornado activity at the end of the quarter is expected to add to the claims toll.
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Reserving has increased substantially, inflicting another major claim on the loss-hit class.
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The impact of the cyclone, which battered New Zealand in February 2023, was worsened by previous bad weather on the North Island.
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Most of the 708,255 claims relate to residential properties and arose from Lee County, Florida.
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More than 40,000 claims have been made in relation to Cyclone Gabrelle.
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The current Australian government’s Disaster Ready Fund provides AUS$200mn annually over five years, which the ICA wants extended.
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The devastating quake left more than 50,000 dead and destroyed 160,000 buildings in Turkey.
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This publication’s tally of disclosed insured losses resulting from Russia’s invasion has increased 18% to $3.1bn.
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The estimate is an increase on the figure released by Perils in December, which gauged the insured losses at 120bn yen.
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Insurers have been flooded with litigation relating to aircraft stranded in Ukraine.
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The flooding resulted in the costliest weather event for New Zealand’s insurance industry to date.
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Following the collapse of SVB, and subsequently Signature Bank, sister publication Inside P&C analysed the exposure of several major insurance firms.
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Costs of defending and settling lawsuits are likely to fall on the bank’s D&O insurers.
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Insurers including AIG, Fidelis, Swiss Re and Chubb along with several lessors were in favour of merging the aviation war cases, while lessor AerCap wanted a separate, standalone trial for its lawsuit.
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The amount of limit purchased by the California Earthquake Authority has stepped down over the past couple of years.
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The loss aggregator raised the quantum from its third estimate of A$6,292mn, put out in early September.
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According to the ICNZ, 48,000 claims have been lodged, with NZ$111mn of insurance claims paid so far.
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Highlander has $300mn of insurance coverage, placed by Ed Broking and led by Munich Re Syndicate.
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The lawsuit argues that one engine that was leased out in Ukraine and 16 engines that were leased out in Russia have suffered physical loss or damages.
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Insurance Insider previously reported that the Irish lessor was holding talks with Aeroflot Group.
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The carrier set out a string of defences in the $3.5bn suit.
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The biggest increases came from North American hurricane and earthquake coverage, where retentions rose from $350mn to $600mn.
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More than 239,000 insurance claims relating to the event have been lodged, according to the ICA.
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Talks relate to a deal that would see Aeroflot take ownership of the AerCap planes.
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24 February marks the point when blocking and trapping claims can be lodged against war risk insurers, against ships stuck waters around Ukraine.
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The insured losses include those to private insurers as well as to the Turkish Catastrophe Insurance Pool.
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The conflict is set to inflict billions of dollars of losses across the specialty insurance market.
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Topics discussed included Caribbean cat risk, protests in Peru, crisis in Argentina and the World Cup.
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The loss estimate rose from a previous figure of EUR3.7bn issued six months ago.
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An influx of Gabrielle claims comes on top of more than 21,000 IAG already received due to the floods that struck Auckland in January.
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The insured loss figure is higher than that estimated by Verisk, which said losses would exceed $1bn.
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As New Zealand has been hit by two major cat events in succession, Australian carrier Suncorp said the retained cost of any second declared event in the country will be NZ$25mn ($15.7mn).
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More than 140,000 homes are without power, while buildings and roads have been destroyed.
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Almost 40,000 are feared dead following the disaster, and more than 1 million people have been left homeless.
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A state of emergency has been declared in the country for only the third time in its history.
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The carrier has increased its full-year perils cost estimate to A$1.15bn.
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The firm will exhaust its personal lines reinsurance coverage on the storm, pushing its personal lines carrier into insolvency, with commercial claims doubling.
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The ratings agency noted that, while most of the insured losses stemming from the earthquake will be covered by reinsurance, the amount ceded will be much lower than the estimated economic losses.
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The Bermudian reported $15mn in catastrophe losses for the quarter, down from $125mn in the same period last year.
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Falcon 2019-1 Aircraft 3, an entity managed by Dubai Aerospace Enterprise, is suing its contingent war insurers for $43.4mn but, if that fails, is also suing its all-risk insurers for the same amount.
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The lessor is looking to recoup the value of a B777-300ER aircraft, which is still in Russia.
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DAE is arguing that, if its battle against its war insurers should fail, then it has grounds to push for a total loss under the terms of its all-risk policy.
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The carrier’s maximum event retention for the Auckland event is A$236mn.
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Early evidence is leading the (re)insurance market to hope the storm can avoid the development curve of its 2017 predecessor Hurricane Irma.
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Annual reviews of natural disaster activity highlighted drought – which can also heighten risk of fire and flood losses – as an increasingly important secondary peril.
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The losses result from incidents throughout construction of the Sakarya gas field, including damage to a subsea pipeline from an earthquake.
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More rain is forecast for Auckland, with three 'heavy rain warning – red' notices issued today.
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The intermediary tallied $360bn in economic losses worldwide.
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Mayor Wayne Brown said infrastructure and emergency services had been overwhelmed by the storm’s impact.
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The loss aggregator pegged the loss figure at A$791mn in its initial claim estimate.
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The broker found that the insured-loss figure for 2022 was nearly 60% higher than the annual average over the 21st century.
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Total economic losses are likely to be between $5bn and $7bn.
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The broker said it had repeatedly made the football club aware new signings not added to the policy schedule were uninsured.
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The regulator examined carriers’ ability to model nat-cat and cyber events, with mixed results.
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The Ontario and Quebec derecho was the most severe weather event for Canada in 2022, causing C$1bn worth of losses.
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The federal flood program expects ultimate losses to reach between $3.5bn and $5.3bn.
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DLG’s outlook has been downgraded to ‘negative’ following a 24% tumble in share price since last week, as severe weather and investment-portfolio pressure tank profitability.
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Private flood insurance accounted for about 40% of total flood insurance premium in California, higher than Florida’s 15%.
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The government will look to mitigate against future disasters rather than subsidise insurance.
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The losses include damage to homes, businesses, infrastructure, facilities, roadways and vehicles, as well as BI losses.
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Atmospheric rivers are expected to bring further severe weather into next week.
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The settlement is welcome news for the loss-hit downstream market, where there were fears of a claim as high as $1.3bn.
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Natural disasters in North America destroyed assets worth around $150bn, of which roughly $90bn were insured.
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The increase mainly stemmed from an influx of personal property claims.
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The lead claimant on the case, Merx Aviation, has named Chubb as the first defendant.
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The largest loss of the year outside the US was the Australia flooding in February and March.
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The broker said that the event was unlikely to produce losses on a similar scale to the 2021 Texas freeze.
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Guy Carpenter’s note echoed modelers’ views that Elliott will not be comparable to the losses inflicted by Storm Uri last year.
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Just over a month ago, Floir reported claims relating to Hurricane Ian worth $10.3bn.
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KCC is predicting insured losses across 42 states, with the worst affected being Texas, Georgia, Tennessee, North Carolina and New York.
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The city of Buffalo in New York state was worst impacted, but power was also knocked out in areas stretching from Maine to Seattle.
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Bowling chain Hollywood Bowl is also suing Liberty Mutual for Covid-19 BI losses.
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The NOAA has warned of blizzards, flash-freezing, dangerous wind chill and sub-zero temperatures.
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