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This takes its ex-Florida cat losses since the start of its reinsurance annual risk period in April above $2bn. -
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.
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Canadian windstorms and freezing conditions in the UK led to the losses.
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The losses include damage to homes, businesses, infrastructure, facilities, roadways and vehicles, as well as BI losses.
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Atmospheric rivers are expected to bring further severe weather into next week.
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The state is contending with flash flooding, mudslides, rockslides, power outages and high winds.
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Natural disasters in North America destroyed assets worth around $150bn, of which roughly $90bn were insured.
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The increase mainly stemmed from an influx of personal property claims.
