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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.