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The reinsurer said cat reinsurance rates hit a 20-year high, driven by losses, inflation and financial markets. -
Swiss Re estimates that inflation has peaked but is likely to remain persistent in 2023.
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The devastating quake left more than 50,000 dead and destroyed 160,000 buildings in Turkey.
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The cat bond market is thought likely to receive an outsized portion of any capital inflows.
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The estimate is an increase on the figure released by Perils in December, which gauged the insured losses at 120bn yen.
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Allstate disclosed a $211mn catastrophe loss in February based on nine separate events.
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Investors have been experiencing inflows while new volumes in Q1 were lower than expected.
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The flooding resulted in the costliest weather event for New Zealand’s insurance industry to date.
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The amount of limit purchased by the California Earthquake Authority has stepped down over the past couple of years.
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The loss aggregator raised the quantum from its third estimate of A$6,292mn, put out in early September.
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The BMA also expects Bermudian insurers to consider double materiality in their reporting, as well as their own external climate-change impact.
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The company also expects the overall decrease in loss expenses due to the recent Florida legislation to be on the lower end of 25%-40%.
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