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The group-wide impact came to $2.5bn including the firm's life and insurance businesses.
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Over 200 nat cat events occurred in H1 2020, topping the 20-year average. -
The Australian insurer had a relatively low reinsurance trigger on its UK BI loss exposure.
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Assignment-of-benefit claims spiked in June from the prior month.
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Motor accounts for 47% of the industry’s total bill, while property claims rise sharply from earlier estimates.
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Lower-than-average major losses helped offset nearly $800mn in pandemic-related claims.
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Claims on 15 cat events impacted the carrier, with most losses related to April.
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The losses were driven by severe weather events in Florida, Texas and Louisiana.
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The utility company emerged from Chapter 11 earlier this month following an $11bn settlement with insurers.
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Hailstorms across the Midwestern US will likely add to substantial losses this year.
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This week the team looks at the underperformance of Bermudian syndicates at Lloyd’s.
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June losses from wind and hail events in Texas, Pennsylvania and Alberta total $181mn.
