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Insured losses in the single-digit billions would not translate into a material impact for (re)insurers. -
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.
