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Aon-owned Mexican cat modeler ERN estimated Otis insured wind losses, excluding auto and infrastructure, at $1.2bn-$1.8bn.
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The forecast reflects property damage and BI losses to residential, commercial, industrial and automobile lines.
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The estimate includes wind damage, as well as damage to property, automobiles, agriculture and direct BI.
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The worst of the damage was experienced in Brest, northwest France.
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The sidecar’s loss ratio improved by 139 points to 35% in the latest quarter.
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The storm caused significant wind damage and flooding across parts of Scotland and England.
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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.
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Verisk said the majority of the insured losses can be attributed to wind damage.
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The ratings agency also said economic and insured losses caused by Otis have reached $16bn.
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More than three-quarters of local exposure is ceded to highly rated reinsurers through excess of loss protection, according to the rating agency.
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The scale of the Cat 221 flood event, as well as labour and materials shortages, contributed to its impact, the ICA said.
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The October 2022 event brought heavy rainfall, mainly affecting Victoria.