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The loss aggregator pegged the loss figure at A$791mn in its initial claim estimate.
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The broker found that the insured-loss figure for 2022 was nearly 60% higher than the annual average over the 21st century.
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Total economic losses are likely to be between $5bn and $7bn.
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The 17% uplift in its retention comes as reinsurers push for higher attachments.
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The regulator examined carriers’ ability to model nat-cat and cyber events, with mixed results.
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The non-profit initiative will broaden to include cyber and casualty after successful tests on property reinsurance placements.
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This takes its ex-Florida cat losses since the start of its reinsurance annual risk period in April above $2bn.
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The Ontario and Quebec derecho was the most severe weather event for Canada in 2022, causing C$1bn worth of losses.
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The federal flood program expects ultimate losses to reach between $3.5bn and $5.3bn.
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The firm missed its earning per share target for the quarter.
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Private flood insurance accounted for about 40% of total flood insurance premium in California, higher than Florida’s 15%.
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The government will look to mitigate against future disasters rather than subsidise insurance.