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The firm’s estimate fell at the lower end of the range for historic Top 10 tornado events. -
Aon’s Impact Forecast has suggested that only a limited portion of the loss will pass to reinsurers.
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Hurricane Ida was the main loss-making event, but once again secondary perils generated more than half of global losses, according to the latest Sigma report.
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This late in the year, where the claims land in terms of historic tornado loss parallels is almost irrelevant to the question of disruption, as the event will compound existing delays.
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Domestic carrier Definity has said the event could cost it up to C$25mn.
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Hail, wind and torrential rain struck Victoria and Tasmania.
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In a recent report, the ratings agency cited rising loss cost inflations, enhanced market discipline, and growing demand for reinsurance capacity as the industry approaches 1 January renewals.
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The Lloyd’s chief of markets also highlighted inflationary risks as a trend of which to be aware for syndicates.
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Business plans submitted for 2022 have set the market on track to generate a sub-95% combined ratio next year.
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Cat risk-takers are benefitting from some money leaving the sector, but is this disruption creating inefficiencies as well?
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The storm tore through north-western Europe in October, with major losses in France, Germany and Belgium.
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The firm’s senior meteorologist noted activity was in line with expectations on major storms, if not all named storms.
