Weather
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The climate forecaster claims that the underlying assumption may be faulty.
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The last loss tally was 1.7% ahead of an August 2020 estimate for the storm, which exacerbated floods caused by EUR1.57bn event Ciara.
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The loss estimate for the February 2020 event is up 3% on an August assessment.
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The final loss estimate fell by 2.5% as Perils said similar-sized losses could recur every three years. -
The Australian carrier has also modestly increased its reserves for Covid-19 BI claims.
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The event was the third Australian hailstorm event of 2020 reported by the data aggregator.
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The industry should expect similar losses in any given year, BMS vice president Andrew Siffert said.
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The broker’s figure is 40% higher than its annual average for the 21st century, with the bulk of losses coming from the US.
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Storms tore through four states in January last year with hailstones up to 6cm in size.
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The uplift in insured losses would be much lower due to underinsurance for storm surge and flooding damage.
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Cat losses will cost up to $80mn, down from last year’s $140mn, as the carrier indicated underlying results continued to improve in Q4.
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Citizens projected it would cede $94mn in storm losses to reinsurers but has cut this to $62mn.
