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The 2024 loss figure exceeded that of the previous record of C$6.2bn in 2016. -
At Zurich, Hirs served as group head of M&A and CFO for North America.
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The Palisades fire is estimated at $9bn-$12bn, while Eaton is $6bn-$8bn.
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Most insurers outperformed the S&P 500 last year, but the trend is unlikely to continue.
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Investigators are homing in on the likely causes of the incidents.
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The executive has been with the firm for 27 years.
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The Insurance Insider US news team runs you through this week’s key agency M&A.
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The company’s stock price has plummeted in the wake of the LA wildfires.
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Total economic and insured losses are “virtually certain” to reach into the billions.
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AM Best said it expects insured losses from the California wildfires to be “significant”.
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The review follows Velocity’s acquisition by FM Group.
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This could see it surpass the 2017 Camp Fire, which cost around $12.2bn.
