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The floods struck New Zealand’s North Island between 27 January and 2 February 2023. -
The carrier had renewed its catastrophe XoL private market reinsurance for its property business, effective June 1.
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The firm earned higher fees off the back of growth in insurance premiums ceded to reinsurers, as premiums ceded to third-party capital partners declined.
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The asset manager cited a strong pricing environment and increased capacity from unlocking trapped capital.
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The carrier said a greater number than usual of North Atlantic storms are possible despite El Niño conditions.
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The firm had earlier noted that the cat bond coverage would kick in if the PCS industry loss number reached $48bn.
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Insurance Insider has gathered data on geographical areas prone to cat events, which are outside of southeastern US states, that keep weather experts awake at night.
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The first quarter of 2023 has already gone down as the costliest on record for the peril in the US.
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Nearly $148mn of the unfavorable reserve development was related to National General, primarily driven by personal auto injury coverages.
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The insurer also added $100mn to its northeast cat treaty as it posted $1.48bn of cat losses in the second quarter.
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The carrier said it anticipated central estimate developments of around $180mn, including $40mn of crop adverse development.
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The loss tally comes in 39% above the average for the 21st century.
