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The ship was carrying more than 4,000 cars at the time of the fire, including Volkswagen, Porsche, Audi and Lamborghini vehicles. -
A further £39mn of claims were fully settled in the month to 5 February, per the latest release of data by the FCA.
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This is the second Peru-based construction loss to make headlines in a week, following this publication’s report of a potential $860mn Petroperu claim.
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The dispute has arisen due to a mismatch in the provision of infectious disease cover between Petroperu’s policy with local fronting carrier Mapfre, and the policy between Mapfre and its facultative reinsurers.
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The company is also writing down the value of Syndicate 1200 by $40mn-$45mn.
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The ruling means the insurer will experience a significant favourable impact on previously booked reserves.
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The year broke a number of records in terms of insured losses.
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The full-limits loss on the placement has raised alarm as a stark example of the impact social inflation in the US is having on claims severity.
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A further £51mn of claims were fully settled in the month to 5 January, per the latest release of data.
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The Swiss bank is trying to recoup money for investors in its supply-chain finance funds.
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Fire season in the US ran slightly later than usual in 2021, but total losses will fall far short of 2017-18 peaks.
