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The loss for the month was 60% comprising losses from two wind and hail events.
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Perils increased the loss estimate by 25% due to a significant increase in average claim size across residential and commercial property lines.
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Perils increased the loss estimate by 25% due to a significant increase in average claim size across residential and commercial property lines.
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The firm noted prior-year development on cat events that primarily occurred in late 2022.
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The loss figure only includes property losses incurred in Turkey, as Perils does not cover Syria.
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The Metrocat cover is heavily weighted towards Battery Park, which forms part of three districts in the cover's area A, alongside Sandy Hook and Rockaway Inlet.
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The loss figure has been updated from the previous estimate of A$840mn, released six weeks after the event.
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The issuance is split between $100mn-$120mn of Class A notes and $115mn Class B notes.
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The insurer is seeking $100mn in Class A notes and $50mn in Class B notes.
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Exposure growth in Japan was in the low-single digits, reflecting a more modest inflationary environment.
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Governments could encourage cat bond issuance by lowering costs, a policy paper said.
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The carrier contended with 10 events over the month, with 75% of its losses stemming from three wind events.