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The carrier has increased its full-year perils cost estimate to A$1.15bn. -
The firm will exhaust its personal lines reinsurance coverage on the storm, pushing its personal lines carrier into insolvency, with commercial claims doubling.
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Lancashire recorded a net loss from Hurricane Ian of $163.3mn during the year, at the lower end of its projected range.
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New Zealand carrier Tower Limited said it is likely to purchase reinstatement cat reinsurance as it disclosed that losses from the Auckland and North Island flooding would trigger its A$934mn ($649mn) cat reinsurance coverage.
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The two top-performing funds in 2022 were interval funds.
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The Bermudian reported $15mn in catastrophe losses for the quarter, down from $125mn in the same period last year.
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The reinsurer noted “buoyant” conditions in the cat bond and private reinsurance segments.
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The multipliers on the A and B notes reflect the lack of losses from Hurricane Ian to FloodSmart Re bonds.
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The attempt to increase the supply of insurance in the state has been submitted for governor approval.
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Reports said at least 641 people have died and thousands are injured, with damage to 1,500 buildings.
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Lawmakers are taking action to attract more property insurers into the state.
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Following rate increases at 1 January, projected fund returns for 2023 are up several points year on year, with a boost also from higher Treasury rates.
