Claims and losses
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Fifteen events caused estimated losses of $306mn.
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State regulators have been monitoring climate risk for over a decade.
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Moody’s also predicts losses to the NFIP at less than $200mn.
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The estimate is like others in the market, suggesting a relatively small loss from the event.
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The hurricane has led to a “surge” in insurance claims related to floods, according to the IBC.
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The ratings agency said companies focused on growing business in Gulf Coast states, however, would face a “key test” as claims materialised.
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A sub-$3bn industry insured loss event would be similar to estimates for hurricanes Beryl and Debby.
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Francine has been the eighth Category 2 or larger storm to make landfall in Louisiana since 2000.
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The storm is expected to make landfall in the next several hours.
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An estimated $450mn of losses from Hurricane Beryl will wipe out a surplus Twia had been building since 2017.
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"Life-threatening" storm surge and hurricane-force winds are expected for the state, according to the NHC.
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Francine is expected to make landfall in Louisiana tomorrow.
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The estimate from the Perils-owned company does not include any losses from Hurricane Debby.
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This gives carriers “a pretty clear path” to spread out the risk above a certain amount.
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Storm-like conditions caused by heat have led to “very erratic behavior” on the so-called Line Fire.
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Some Canadian cedants have approached the market for top-up cover.
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Urban expansion, climate change and inflation are key drivers of losses.
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The Insurance Bureau of Canada said the blaze damaged one-third of the Jasper community.
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Included is the full utilization of $25mn available under its cat aggregate treaty.
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Data shows that nat cat losses in Canada have increased substantially this century.
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The storm made landfall on Saturday as a Category 1 hurricane.
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Ernesto’s maximum sustained winds have reached 100 mph.
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Moody’s also predicts losses to the NFIP at less than $300mn.
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Both groups continue to call for a highly active season, however.
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Debby should be a “very manageable” storm for the (re)insurance market, it said.
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The board of directors has voted for a 10% rate hike.
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Severe thunderstorms, mainly in the US, accounted for 70% of insured losses globally.
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The NHC has said there is potential for “historic heavy rainfall” across southeast Georgia and South Carolina.
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Insurers and victims must reach an agreement on how to handle the proceeds.
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The ‘life threatening’ hurricane has potential for “historic heavy rainfall” in the southeastern United States.
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The broker said less than 1% of companies globally with cyber insurance were impacted.
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Securities class actions are a perennial source of claims for D&O insurers.
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Over 75% of insured losses attributable to severe thunderstorms, flooding and forest fires.
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The firm said losses could fall under $300mn if more favourable assumptions were applied.
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The property market remains “one of the most favorable ... I've seen in my career,” the executive said.
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The event would represent a loss ratio impact of roughly 3%-10% on global cyber premiums of $15bn today.
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The weighted average direct financial loss for a Fortune 500 firm was $44mn.
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Underwriters are getting increasingly granular, rewarding mitigation and prevention with better terms.
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The carrier’s cyber hours clauses and sub-limits will limit exposure, according to the analyst.
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Market sources suggest that this will be a manageable loss, although at this early stage there are multiple uncertainties.
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The current guidance is that Beazley will publish an undiscounted CoR in the low-80s at full year.
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Insured losses in the single-digit billions would not translate into a material impact for (re)insurers.
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The broker warned that D&O and P&C policies could also be impacted by the outage.
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The incident highlights the aggregation risk around cloud service reliance.
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The modeler said 3 million homes were without power at its peak.
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The losses primarily resulted from severe convective storm activity.
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The year lags behind the pace of loss set in 2011, but a potentially active summer looms.
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The figure is well above the historical average of $39bn for this century.
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Allstate’s total pre-tax cat losses for H1 2024 were $2.85bn versus an estimated $4.39bn in H1 2023.
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The Insurance Insider US news team discusses the five biggest issues it is watching as we enter the Q2 earnings cycle.
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The losses come ahead of an expected active Atlantic hurricane season.
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The biggest losses were from wind damage after the storm’s Texas landfall.
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Uncertainty around the quantum remains due to policy deductible variation.
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Insurers' losses will likely be low and readily absorbed by their earnings.
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The insured loss from Beryl in the US was pegged at $2.7bn.
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The fund is expected to make payments of just over $75mn due to the Category 5 event.
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Chief science officer Steve Bowen said it was still too early to provide precise insured-loss estimates.
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Houston Mayor John Whitmire said: “We woke up this morning on the dirty side of a dirty hurricane.”
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