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Rumours of the cause of the incident have been circulating for months in the marine insurance market.
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AmWins also highlighted the continued availability of “cheap” excess capacity from London cyber MGAs.
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The consultancy said losses were expected to keep mounting following Q4 disclosures.
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Losses were relatively evenly divided between the two events.
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California blazes including the Glass Fire have driven up the estimate considerably since September.
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Natural catastrophe losses were up 40% year-on-year to $76bn, 7% above the 10-year average. -
The return to the office and perceived slow business recovery could also lead to claims.
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The search for yield is back on, raising questions over how long the market uptick will last.
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The majority of losses occurred in the western Turkish city of Izmir and the rest of Izmir province.
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This event brings total Australian hailstorm losses to over A$3.64bn in 2020, Perils said.
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The regulator says it wants a clear position on the issue as soon as possible after the Supreme Court ruling on the BI test case.
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Aon’s Impact Forecasting put total insured losses across various events including Hurricane Eta at $1.2bn or more.
