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It consisted of three major earthquakes within a nine-hour period on 6 February 2023. -
Geico more than tripled underwriting profits.
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The ‘life threatening’ hurricane has potential for “historic heavy rainfall” in the southeastern United States.
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The broker said less than 1% of companies globally with cyber insurance were impacted.
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The insurer said once firms give up lower attachments or aggregates they “simply do not get them back”.
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Over 75% of insured losses attributable to severe thunderstorms, flooding and forest fires.
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The firm also posted a 56% increase in fee income.
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Losses from mid-sized nat cats added 9.9 points to the P&C combined ratio.
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The firm said losses could fall under $300mn if more favourable assumptions were applied.
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The property market remains “one of the most favorable ... I've seen in my career,” the executive said.
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The event would represent a loss ratio impact of roughly 3%-10% on global cyber premiums of $15bn today.
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The weighted average direct financial loss for a Fortune 500 firm was $44mn.
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