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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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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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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 bond, which increased in size by 25% to $125mn, priced at the lower end of the previously guided range.
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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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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.