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The flooding that took place in mid-March across Australia’s east coast states was labelled the worst in 60 years.
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While more storms than usual are expected for this season, Guy Carpenter said fewer are expected to strike land.
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Tractable has raised $60mn in its Series D funding round, fuelling a global expansion – including into markets where it will help carriers assess property damage.
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The revelation came with the release of the institute's 2021 Resilience Index.
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Outside the US, two Indian cyclones are expected to have caused more than $4.5bn of economic losses.
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The broker predicts a “very active” cyclone season over east Asia but forecasts a slightly smaller number than usual will make landfall.
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The intermediary also warned that inflation headwinds could affect the future cost of claims.
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Severe and winter weather losses in the US hit $21.4bn during January-April, equity research analysts estimate.
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The region braces for a potential Category 1 landfall.
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This came as the insurer said its reinsurance programme was oversubscribed and it expected rate increases to be in a mid single digit range.
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The February Deep Freeze has already pushed cedants to access reinsurance, adding fuel for rate rises later this year.
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The association said that regulation and culture needed continued improvement and the focus should go beyond high-rise residential buildings.