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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.