Major losses
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The carrier said it has “moderate exposure” to the bridge collapse.
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Habitational, lessors’ risk and BOP accounts are among the most challenged.
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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.