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DAE is arguing that, if its battle against its war insurers should fail, then it has grounds to push for a total loss under the terms of its all-risk policy. -
The carrier’s maximum event retention for the Auckland event is A$236mn.
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Early evidence is leading the (re)insurance market to hope the storm can avoid the development curve of its 2017 predecessor Hurricane Irma.
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Annual reviews of natural disaster activity highlighted drought – which can also heighten risk of fire and flood losses – as an increasingly important secondary peril.
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The losses result from incidents throughout construction of the Sakarya gas field, including damage to a subsea pipeline from an earthquake.
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More rain is forecast for Auckland, with three 'heavy rain warning – red' notices issued today.
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The intermediary tallied $360bn in economic losses worldwide.
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Mayor Wayne Brown said infrastructure and emergency services had been overwhelmed by the storm’s impact.
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The loss aggregator pegged the loss figure at A$791mn in its initial claim estimate.
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The broker found that the insured-loss figure for 2022 was nearly 60% higher than the annual average over the 21st century.
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Total economic losses are likely to be between $5bn and $7bn.
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The broker said it had repeatedly made the football club aware new signings not added to the policy schedule were uninsured.
