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If no action is taken to reduce emissions, costs could soar by 87% in average annual losses to residential properties, JBA Risk Management said.
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No matter what the outcome, further market dislocation is on its way – but there are various band-aid options that could help Florida insurers limp through hurricane season.
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The release followed an appeal judgment from the High Court of Australia.
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The company also said it expects a $408mn reserve charge, including $275mn related to personal auto and $91mn recorded for commercial auto.
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The first six months of the year also saw more billion-dollar loss events than average.
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More public-private partnerships should be a priority for governments and businesses.
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A case against Fireman’s Fund reversed an earlier decision that Covid-19 cannot cause physical damage.
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Fires in Portugal, Spain, France, Greece and Croatia have caused widespread crop damage.
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The number of tropical cyclones decreased over the past 30 years, but the damage is increasing due to more people migrating to cat-exposed areas.
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The storms at the end of May generated 355,000 claims, while those between 18 June and 4 July saw 624,000 claims.
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The current estimated insurance loss for the flooding is A$142mn.
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The impacts of the July floods are coming on top of significant flood losses in other parts of the country in March and April.