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Residential losses are expected to account for around two thirds of the claim total. -
While it is too early to determine the total financial loss, the US Geological Survey believes there is a 64% likelihood it will reach into the billions of US dollars.
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Domestic carriers usually have low attachment points for quake losses, the ratings agency noted.
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AIG leads the placement, WTW is the lead broker, with Marsh support, on the JAL account.
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The lessor said the amount of its all-risk claim relating to the 47 engines and five aircraft is around $836mn.
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Tsunami warnings were initially issued following the earthquake but were subsequently downgraded.
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The ICA escalated the event from a ‘significant event’ to an 'insurance catastrophe', reflecting the escalating severity of the situation.
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The broker has reported that Storm Zoltan is set to become the second-highest wind-related insured loss event in Europe in 2023 after Storm Ciarán.
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Insurers have received more than 7,500 claims related to storms across Queensland, New South Wales and Victoria.
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Thursday’s announcement means that the Russian insurer is off the hook for claims proceedings.
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The ICA said the storm has already generated more than 3,800 claims across areas stretching from Cape York Peninsula to Mackay.
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Aircraft lessors have now received nearly $2.4bn in insurance settlements from Russian airlines.
