Losses
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The loss for the month was 60% comprising losses from two wind and hail events. -
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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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 loss figure only includes property losses incurred in Turkey, as Perils does not cover Syria.
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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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The carrier contended with 10 events over the month, with 75% of its losses stemming from three wind events.
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The council has appointed Deloitte to examine carriers’ performance during the crisis.
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Total economic losses came in well above average, driven by the earthquake in Turkey.
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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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The firm identified market inefficiencies in its analysis of loss data.
