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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.
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The severe flooding has the potential to change the outcome of 2022 renewals after muted European cat rate increases this year.
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Citing this summer’s heat waves and the drought across the West, AM Best warns that insured wildfire loss totals may climb higher than 2020’s $1.2 bn.
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The storm was the earliest named E storm, forming nearly six weeks earlier than average.
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The loss was subject to claims inflation due to building supply and labour challenges.
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It was upgraded to a category one hurricane by the National Hurricane Centre last night before being downgraded in a public advisory at 2am (EDT).
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Tropical Storm Elsa picked up some strength as it passed over the Florida Keys Tuesday, raising the possibility it could become a hurricane again before slamming into the mainland.
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This is the second year the insurer has bought a fiscal-year aggregate.
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Elsa became the first hurricane of the season early on Friday as it slashed Barbados with winds gusting up to 86 mph.
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Austria and the Czech Republic are likely to record their most costly convective storms on record.
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Elsa was churning northwest at about 28 mph, making it a relatively fast-moving storm.
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It said the current threat posed by Tropical Storm Elsa was an example of storms being more likely to hit America’s Eastern Seaboard this season.