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More than 40,000 claims have been made in relation to Cyclone Gabrelle.
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The current Australian government’s Disaster Ready Fund provides AUS$200mn annually over five years, which the ICA wants extended.
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The devastating quake left more than 50,000 dead and destroyed 160,000 buildings in Turkey.
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The estimate is an increase on the figure released by Perils in December, which gauged the insured losses at 120bn yen.
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Insurers have been flooded with litigation relating to aircraft stranded in Ukraine.
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The flooding resulted in the costliest weather event for New Zealand’s insurance industry to date.
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Following the collapse of SVB, and subsequently Signature Bank, sister publication Inside P&C analysed the exposure of several major insurance firms.
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Costs of defending and settling lawsuits are likely to fall on the bank’s D&O insurers.
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Insurers including AIG, Fidelis, Swiss Re and Chubb along with several lessors were in favour of merging the aviation war cases, while lessor AerCap wanted a separate, standalone trial for its lawsuit.
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The amount of limit purchased by the California Earthquake Authority has stepped down over the past couple of years.
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The loss aggregator raised the quantum from its third estimate of A$6,292mn, put out in early September.
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According to the ICNZ, 48,000 claims have been lodged, with NZ$111mn of insurance claims paid so far.
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