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A so-called atmospheric river effect is behind the severe weather. -
The figure represents a 26% increase on the previous estimate.
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Most of the losses occurred in France, followed by the UK and Belgium.
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The final estimate is a 12% increase on an August tally of NZ$1.99bn.
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The fund manager operations booked management fees of $31mn.
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The Bermudian said its third-party vehicles were “sufficiently capitalised”.
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The increase can be attributed to the Christmas storms of 2023.
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Storm Ciarán incurred insured losses of EUR1.9bn, according to WTW’s natural catastrophe report for July to December.
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Typical ILW attachment points for US peak perils have fallen from $60bn to $40bn-$50bn as the market awaits the final Hurricane Ian number from PCS.
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The Insurance Council of Australia has estimated A$743mn ($489.6mn) of insured losses from Tropical Cyclone Jasper and the Christmas and New Year storms.
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The broker’s latest climate report tallied global insured cat losses at $118bn.
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As a result of mostly flooding, £467mn of losses occurred in the UK.
