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Insured loss estimates are not yet available.
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Sources said preparations for a 2024 IPO were halted, but work could resume later this year.
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The Insurance Council of Australia has estimated A$743mn ($489.6mn) of insured losses from Tropical Cyclone Jasper and the Christmas and New Year storms.
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The broker’s report also hailed the best risk-adjusted margins for ILS investors in a decade.
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In total there were seven international events that exceeded $1bn in 2023.
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The bond, which increased in size by 25% to $125mn, priced at the lower end of the previously guided range.
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CFO Christoph Jurecka said losses for 2023 were in line with its expectations, but he added that the events producing the losses differed from those of years previous.
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Anticipations of a tug-of-war around a ‘flat to slightly up’ pricing renewal have indeed come to fruition.
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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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The costliest disaster was the southeast Queensland and NSW flooding in February 2022.
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The P&C Re CEO discussed Swiss Re’s P&C appetite and nat cat exposure in the investor presentation.
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Up-to-date building codes could reduce the amount insurers pay in the Caribbean by 18%, according to the risk modeller.