Losses
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Severe convective storms were the biggest driver of last year’s losses.
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Insured loss estimates are not yet available.
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The US tallies $97bn in economic losses from major perils each year.
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The vast majority of 2023 recoveries were from events in prior years.
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The notes were further marked down after a year-end Ian loss update.
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The event occurred a fortnight after major North Island flooding in New Zealand.
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Monthly cat losses were driven by two major events.
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The bond is trading at 70c-75c in the dollar in the secondary market.
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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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The claw-back is anticipated after PCS revised down its Ian loss estimate.
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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 final estimate is a 12% increase on an August tally of NZ$1.99bn.
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The increase can be attributed to the Christmas storms of 2023.
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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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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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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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