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The impact of the cyclone, which battered New Zealand in February 2023, was worsened by previous bad weather on the North Island.
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Most of the 708,255 claims relate to residential properties and arose from Lee County, Florida.
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More than 40,000 claims have been made in relation to Cyclone Gabrelle.
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The devastating quake left more than 50,000 dead and destroyed 160,000 buildings in Turkey.
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The estimate is an increase on the figure released by Perils in December, which gauged the insured losses at 120bn yen.
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Allstate disclosed a $211mn catastrophe loss in February based on nine separate events.
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The flooding resulted in the costliest weather event for New Zealand’s insurance industry to date.
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The amount of limit purchased by the California Earthquake Authority has stepped down over the past couple of years.
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The loss aggregator raised the quantum from its third estimate of A$6,292mn, put out in early September.
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According to the ICNZ, 48,000 claims have been lodged, with NZ$111mn of insurance claims paid so far.
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The Florida insurer recognised a major increase in Ian losses in Q4, rendering its personal lines carrier insolvent.
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The manager’s life & alternative credit segment invested in the reverse mortgage specialist.
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More than 239,000 insurance claims relating to the event have been lodged, according to the ICA.
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The biggest increases came from North American hurricane and earthquake coverage, where retentions rose from $350mn to $600mn.
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The insured losses include those to private insurers as well as to the Turkish Catastrophe Insurance Pool.
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The loss estimate rose from a previous figure of EUR3.7bn issued six months ago.
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An influx of Gabrielle claims comes on top of more than 21,000 IAG already received due to the floods that struck Auckland in January.
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The insured loss figure is higher than that estimated by Verisk, which said losses would exceed $1bn.
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More than 140,000 homes are without power, while buildings and roads have been destroyed.
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Almost 40,000 are feared dead following the disaster, and more than 1 million people have been left homeless.
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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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New Zealand carrier Tower Limited said it is likely to purchase reinstatement cat reinsurance as it disclosed that losses from the Auckland and North Island flooding would trigger its A$934mn ($649mn) cat reinsurance coverage.
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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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