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The insured losses include those to private insurers as well as to the Turkish Catastrophe Insurance Pool. -
The loss estimate rose from a previous figure of EUR3.7bn issued six months ago.
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Kin has ceded 97% of its $175mn expected gross loss and loss adjustment expenses from hurricanes Ian and Nicole to reinsurers, the carrier has said.
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An influx of Gabrielle claims comes on top of more than 21,000 IAG already received due to the floods that struck Auckland in January.
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The company’s Syndicate 2988 exited direct property business.
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This came as sidecar and fund assets reached $2.9bn, up 29% year-on-year.
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The insured loss figure is higher than that estimated by Verisk, which said losses would exceed $1bn.
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The ILS unit earned $5mn of fee income, down by $1mn year on year.
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As New Zealand has been hit by two major cat events in succession, Australian carrier Suncorp said the retained cost of any second declared event in the country will be NZ$25mn ($15.7mn).
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Ron DeSantis has also announced proposals to modernize Florida’s "bad faith" law, in the latest set of reforms he described as the most “comprehensive in decades”.
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More than 140,000 homes are without power, while buildings and roads have been destroyed.
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Almost 40,000 are feared dead following the disaster, and more than 1 million people have been left homeless.
