Major losses
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US SCS insured losses YTD already stood at around $12bn prior to these events.
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In April, this publication revealed that the carrier is the lead market on the property placement for the bridge.
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The company says its insurance policies “include significant property and inventory coverage”.
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Overall economic losses hit $45bn in the first quarter of 2024.
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Flash floods moved into Texas overnight and into the lower Mississippi Valley Monday.
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Concern about vague cat modeling language was a theme at a Tuesday workshop.
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There is a high likelihood the property claim will be subrogated.
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The broker used a consensus-based hypothetical cat event type to analyse its global impact.
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The city alleges defendants knowingly allowed an “unseaworthy” Dali to set sail.
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US SCS accounted for nearly $11bn in global insured losses.
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This follows February’s cat losses coming in below the $150mn reporting threshold.
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Insured loss for Q1 was 10% higher than the decadal average of $18bn.
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The most extensive damage was caused by rainfall in Texas, Louisiana, Mississippi and Florida.
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Tim Cerio also credited litigation reforms for the current market recovery.
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Tropical Storm Risk (TSR) has updated its forecast for North Atlantic hurricane activity, predicting a "hyper-active season" in 2024, with activity being around 70% above the 1991-2020 climate norm.
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The impacted regions account for less than 5% of earthquake DWP nationally.
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Eleven hurricanes are predicted, with five expected to reach Category 3 or higher.
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The owner and manager of the cargo ship Dali have filed suit to cap liability at $43.7mn.
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Several prior-year cat losses deteriorated during the quarter.
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A claim on that scale would test the market in ways it has never seen.
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CyberCube expects ransomware attack to impact both large and SME accounts.
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Social inflation is driving “cat-type” losses, with an increase in $50mn-plus verdicts.
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The complexity of the incident and US location point to one of the largest ever marine losses.
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The value of the bridge is estimated at $1.2bn.
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A Maersk-chartered container ship caused the Francis Scott Key Bridge to collapse.
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Economic and insured losses could rise depending on future damage assessments.
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The mutual’s AM Best FSR rating is under review with negative implications.
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Loss ratios and surplus improve for the group, but don’t guarantee this is a turning point.
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A January freeze saw temps drop to close to -50°F.
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Slide, American Integrity, and Security First were approved.
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Insured loss estimates are not yet available.
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Sources said preparations for a 2024 IPO were halted, but work could resume later this year.
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The US tallies $97bn in economic losses from major perils each year.
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The agreements emerged from a mediation process.
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Two events comprised approximately 80% of the losses.
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Rainfall over the weekend was a “one-in-1,000-year” event, according to UCLA.
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A so-called atmospheric river effect is behind the severe weather.
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Cat losses and inflation weakened the company’s operating performance.
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Corvus reported a 34% rise in the number of active ransomware gangs.
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Over $1bn in claims had been paid as of November 30, 2023.
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Axis’s reserve cleanup removes longstanding overhang and narrows the credibility gap.
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The broker’s latest climate report tallied global insured cat losses at $118bn.
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The source of the funding is one of the most problematic elements for sources who spoke with this publication following the draft bill’s release on Friday.
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Unfavorable prior year reserve re-estimates, excluding catastrophes, totaled $199mn in Q4, with approximately $148mn related to personal auto, including costs for litigation claims.
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More than three-quarters of the losses came from the firm’s UK&I line of business.
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Blandford noted that there is more willingness to deploy capacity compared to last year, a function of orderly January 1 renewals bringing in more capital and the absence of a major hurricane or wildfire in 2023.
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The year was characterised by several severe and costly thunderstorms.
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No single event drove that number, but the country experienced a record 23 events with insured losses above C$30mn.