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The (re)insurer said Covid-19 losses would account for about $170mn-$180mn of the claims tally.
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Damage to property and automobiles stretches across five states, the agency said.
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The claims stemmed from US storms and civil unrest, with pandemic losses broadly offset by reduced claims frequency on the underwriting side of its business.
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Cat programmes have been completed this year, but a heavy hurricane season could shake up the market, the broker said.
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The claims emanate from 14 weather events and amount to $12.8mn on an after-tax basis.
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Several US states were hit by tornadoes, heavy rainfall and large hail in July.
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Bushfire losses make up just over 40 percent of the total claims bill.
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US cat events in June resulted in some 250,000 insurance claims being filed and four deaths.
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The Calgary hailstorm in mid-June could become the fourth-costliest nat cat event in Canadian history.
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The research team increased its estimate for named storms in 2020 from 19 to 20.
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The estimate is in line with Argo's earlier projection and will likely precede additional announcements from the sector in the coming weeks.
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Twelve Capital's Urs Ramseier says the potential for more distressed opportunities to appear will depend on the extent to which carriers pass on increased reinsurance costs to policyholders