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US landfalling activity is forecast to be slightly more above-norm than thought
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Provinzial announced a EUR761.3mn loss, while Deutsche Rück’s costs could stretch to EUR230mn.
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Hannover Re has estimated that the floods could end up costing the industry as much as EUR7.5bn.
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Executive board chairman Jean-Jacques Henchoz said earnings for H1 were up to pre-pandemic levels.
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Early indications point to a loss quantum of $1.4bn but insurers’ portfolios are well diversified.
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The insurer follows Allianz in reporting a loss that implies reinsurance has been triggered.
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The modeller said repairs to infrastructure could run into months.
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The national insurance association has added Bavaria and Saxony to its tally.
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Nissan was forced to halt production, but SAIC’s car-making facility and Hon Hai Precision’s iPhone factory are not thought to have been seriously affected.
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The German insurance association called the low-pressure system Bernd ‘one of the most devastating in recent history’.
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There are 7,500 properties impacted by a high depth of water according to the satellite operator and flood monitor for the insurance industry.
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The insurer’s better-than-assumed cat loss in Q2 followed on from it burning through 48% of its aggregate cat reinsurance deductible in Q1.