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Due to the collapse of the value of the lira since February, payouts are worth less in dollar terms.
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The floods struck New Zealand’s North Island between 27 January and 2 February 2023.
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The carrier said a greater number than usual of North Atlantic storms are possible despite El Niño conditions.
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Insurance Insider has gathered data on geographical areas prone to cat events, which are outside of southeastern US states, that keep weather experts awake at night.
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The first quarter of 2023 has already gone down as the costliest on record for the peril in the US.
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Nearly $148mn of the unfavorable reserve development was related to National General, primarily driven by personal auto injury coverages.
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The loss tally comes in 39% above the average for the 21st century.
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The state of Texas in particular has experienced an unusual amount of severe weather.
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The bulk of risks linked to a new investment grade cat bond it is working on relate to US private motor risks, with a fifth from commercial motor.
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The economic loss, including damage to public infrastructure, is expected to hit EUR9bn.
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ILW limit of around $1bn could change hands depending on where the Hurricane Ian industry loss number settles.
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The 7.8 magnitude earthquake struck southern Turkey and northern Syria on 6 February, followed by a series of aftershocks.