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The late March storm caused extensive damage in southern Quebec and Ontario. -
The claim hits the downstream market following a loss-hit start to the year.
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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 aerospace, energy and marine markets all sustained multiple significant losses in H1.
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The ruling comes as insurers face growing legal pressures following the January blazes.
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There has been an uptick in UK retail firms buying cyber after a string of attacks.
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There is a growing disconnect between risk and pricing in the class.
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In North America, the median W&I claim payment in 2024 was $5.5mn, the highest on record.
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David Turner previously spent more than 30 years at Amlin.
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Errors and omissions claims made up 55% of all notifications, continuing a five-year trend.
