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The late March storm caused extensive damage in southern Quebec and Ontario. -
The Australian carrier’s nat cat losses are A$200mn lower than its annual allowance.
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Ex-Tropical Cyclone Alfred has been the costliest event, with A$1.36bn in losses.
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The company said the reduction was due to years of steady improvements.
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The ruling comes as insurers face growing legal pressures following the January blazes.
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Allstate attributed the bulk of its losses to three major wind and hail events.
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This is up from last year’s $1bn protection for its Florida treaty.
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In April, the loss modeller pegged losses at A$2.57bn.
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The number has expanded by around 40% from an earlier update, sources said.
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The modeller said the insurance market could be exposed to unexpected aggregations.
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The latest update brings the agency’s combined estimate for Milton and Helene to $32.4bn.
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HCI secured three towers with $3.5bn in XoL coverage.
