Hurricanes, typhoons to cost insurance industry up to US$50b
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PARIS : After a nearly unbroken succession of hurricanes in the Caribbean and typhoons in Asia, the global insurance industry is doing its books, with US$50 billion in economic losses and US$20-US$35 billion in insured losses expected so far.
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The Swiss reinsurance company Converium, whose finances have already been dented by US casualty losses, said that a string of hurricanes and typhoons that hit the US and Japan this year would cost the company 90 million dollars (73.2 million euros).
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LONDON (CBS.MW) - The costs of Hurricane Charley in Florida to the insurance industry were becoming clearer on Thursday after two major Swiss insurers estimated their claims stemming from the storm last week.
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US property and casualty insurers have paid out $21.3 billion for eight catastrophes damage, including hurricanes Charley, Frances, Ivan and Jeanne, according to the data of the Jersey-based Insurance Services Office Inc.
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Hurricane Ivan, which slammed into the US Gulf coast today, may cost insurers $4 billion to $10 billion, rivaling hurricanes Charley and Frances, Risk Management Solutions Inc.
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A recent spate of storms in the south-eastern US could leave insurers facing their biggest ever hurricane damages bill, an industry body has said.
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The June and July floods could cost the industry more than Â£2bn, says the British Association of Insurers.
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Insurance claims for damage caused in the United States this year by four major hurricanes may reach $23 billion, surpassing payments on claims for 1992&#39;s Hurricane Andrew, an insurance industry group said on Friday.
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The property insurance industry sustained record third-quarter losses this year after a series of storms, including a string of hurricanes, according to an actuarial firm&#39;s preliminary estimate.
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Coping with the ravages of global warming will cost $50 billion a year, and the rich nations who caused most of the pollution must pay most of the bill, aid agency Oxfam said on Tuesday.
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A growing number of insurance companies are adding high windstorm damage deductibles to homeowner policies.
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Facing accusations of price gouging, insurance company executives said that they had been forced to raise rates to offset losses and prepare for the possibility of more frequent hurricanes in the future.
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Hurricane Jeanne has the potential to be the most expensive storm to hit the United States in a year of expensive storms. Risk Management Solutions
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The disaster took more than 50,000 lives, and rebuilding could top $10 billion. However, Asia&#39;s economic growth may escape the worst.
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Insured losses in the United States from  Hurricane Ivan are expected to range from $3 billion to $6  billion, a risk assessment group said on Wednesday.
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The cost of insurance is set to rise as new rules governing the industry come into force on Friday.
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Hurricane Frances is expected to be  less costly for insurers than feared, though high winds and  flooding generated billions of dollars in damage in Florida and  brought the state to a virtual standstill during a three-day  holiday weekend.