-
The claw-back is anticipated after PCS revised down its Ian loss estimate. -
A so-called atmospheric river effect is behind the severe weather.
-
The figure represents a 26% increase on the previous estimate.
-
Most of the losses occurred in France, followed by the UK and Belgium.
-
The final estimate is a 12% increase on an August tally of NZ$1.99bn.
-
The increase can be attributed to the Christmas storms of 2023.
-
Storm Ciarán incurred insured losses of EUR1.9bn, according to WTW’s natural catastrophe report for July to December.
-
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.
-
The broker’s latest climate report tallied global insured cat losses at $118bn.
-
As a result of mostly flooding, £467mn of losses occurred in the UK.
-
Unfavorable prior year reserve re-estimates, excluding catastrophes, totaled $199mn in Q4, with approximately $148mn related to personal auto, including costs for litigation claims.
-
More than three-quarters of the losses came from the firm’s UK&I line of business.
