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Fighting between Sudan’s army and the RSF have resulted in the total loss of three planes, with nine others still on the ground at Khartoum Airport. -
The aircraft lessor has already launched several legal actions relating to aircraft stranded in Ukraine.
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The loss hits a market grappling with social and economic inflation, plus increased reinsurance costs.
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Total economic losses came in well above average, driven by the earthquake in Turkey.
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SRCC losses have now also surpassed other classes of political violence insurance claims, with more than $10bn since 2015, compared with $1bn for terrorism.
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High tornado activity at the end of the quarter is expected to add to the claims toll.
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Reserving has increased substantially, inflicting another major claim on the loss-hit class.
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The impact of the cyclone, which battered New Zealand in February 2023, was worsened by previous bad weather on the North Island.
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Most of the 708,255 claims relate to residential properties and arose from Lee County, Florida.
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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.
