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This follows February’s cat losses coming in below the $150mn reporting threshold.
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Insured loss for Q1 was 10% higher than the decadal average of $18bn.
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The most extensive damage was caused by rainfall in Texas, Louisiana, Mississippi and Florida.
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Tropical Storm Risk (TSR) has updated its forecast for North Atlantic hurricane activity, predicting a "hyper-active season" in 2024, with activity being around 70% above the 1991-2020 climate norm.
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The Magnitude-7.4 earthquake occurred early on 3 April.
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Tremors were felt as far north as capital city Taipei.
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The estimate is up from A$1.4bn, published by Perils in February.
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Several prior-year cat losses deteriorated during the quarter.
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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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The loss estimate includes property damage, contents and BI insurance across residential, commercial and industrial lines.
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The scale of the claim is expected to be just within the expected total weather losses for insurers.
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The figure does not include losses from the likes of infrastructure, automobiles and business interruption.
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The year was characterised by several severe and costly thunderstorms.
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While it is too early to determine the total financial loss, the US Geological Survey believes there is a 64% likelihood it will reach into the billions of US dollars.
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Tsunami warnings were initially issued following the earthquake but were subsequently downgraded.
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The ICA escalated the event from a ‘significant event’ to an 'insurance catastrophe', reflecting the escalating severity of the situation.
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The broker has reported that Storm Zoltan is set to become the second-highest wind-related insured loss event in Europe in 2023 after Storm Ciarán.
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Insurers have received more than 7,500 claims related to storms across Queensland, New South Wales and Victoria.
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The ICA said the storm has already generated more than 3,800 claims across areas stretching from Cape York Peninsula to Mackay.
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The ICA has activated its preliminary extreme weather processes to assist in assessing the impact of the flood event.
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France “lead the tally by a significant margin”, followed by the UK, Belgium and the Netherlands, Perils said.
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Next year will see North Atlantic hurricane activity about 30% above the 1991-2020 30-year norm, according to Tropical Storm Risk.
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Losses from severe thunderstorms have increased by 7% annually in the last 30 years, according to the Swiss Re Institute.
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The costliest disaster was the southeast Queensland and NSW flooding in February 2022.
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Most of the industry loss occurred in the UK and was due to flood losses, with limited wind-related losses.
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