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Its total risk transfer programme is sized at just over $9bn, down $400mn from year-end 2021. -
Widespread rainfall, thunderstorms and flash flooding is expected to continue until Tuesday.
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Flash flooding and landslides are expected.
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The March earthquake that struck Fukushima in Japan will cost $2.3bn.
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The carrier’s losses from the Melbourne earthquake and various large storms have also exceeded initial estimates by $8mn.
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The new recruit has worked for Argo, Allianz and the European Space Agency.
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Storms from 16-23 June added to a “very active” quarter for the peril.
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The insurer reclassified some Hurricane Ida claims as storm Nicholas losses, producing an overweight loss for the second event.
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Investors, fund managers and service providers are adapting in the face of potential large losses from secondary perils.
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The losses were caused by 14 events, most notably wind and hail in Texas, the Midwest and Canada.
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The east coast of the country was struck by severe rainstorms earlier in the year.
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The varying treatment of the flood losses raises questions over how the industry should define flood events.
