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The (re)insurer pegged industry losses from Ida at $30bn and increased its share buyback program to $1.5bn. -
Plus the details on Chubb, Argo and Canopius’s exits from various lines and all the top news of the week.
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From now on, per-event retentions for second and third events will lower to $55mn for hurricane and earthquake perils.
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The lower-than-expected losses so far from Ida do not stack up against what is thought to be a $30bn+ cat event.
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The carrier also estimated its European flooding burden will be $520mn.
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This is followed by the severe convective storms in Europe in June which to date have generated losses of $5.1bn, and the Fukushima earthquake in Japan currently at $2.5bn of losses.
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The loss aggregator said the change indicated initial over-reserving in the wake of the flooding.
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The cat modeller’s estimate follows a $950mn projection from Karen Clark and Company.
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The midpoint for the estimate is around $97mn above the company’s pre-tax cat load, with $75mn resulting from Hurricane Ida.
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This year’s nat-cat losses are hitting harder for reinsurers, as the top three events are larger in scale than any since 2017.
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The modelling firm has aimed to incorporate climate change impacts into its assessment of wildfire risks.
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Provinzial confirmed its claims had risen above EUR1bn and it now estimates they could reach EUR1.5bn.
