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The rate change will be implemented in November. -
The Insurance Bureau of Canada said the blaze damaged one-third of the Jasper community.
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The P&C Re CoR came in at 84.5%, a 10.2-point YoY improvement.
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The CEA has $326.4mn towards risk transfer, 44% below budget.
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Data shows that nat cat losses in Canada have increased substantially this century.
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Returns were down on 2023, which benefited from favourable Ian loss development.
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The regulations have been officially published online, with a hearing to be held next month.
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Rising premium income is not keeping pace with the increased cost of claims.
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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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Total catastrophe losses stemmed from 20 events and were estimated at $587mn.
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