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Swiss Re said higher catastrophe claims were expected going forward, particularly from floods.
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Despite hurting profits, higher catastrophe costs can ease pressure on pricing in reinsurance markets.
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Despite hindering profits, higher catastrophe costs can ease pressure on pricing in the reinsurance markets.
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The agency predicted a difficult earnings year and potential pressure on margins from lower reserve releases and higher catastrophe losses.
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The higher catastrophe losses, often expected to move reinsurance prices upwards, were not immediately expected to have a significant impact on pricing, he added.
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Allstate's declines were tied mostly to the higher catastrophe losses and a rise in claims and claims expense, plus a jump in operating costs.
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On Thursday, insurer The Travelers Companies Inc reported a 10.4 percent drop in second quarter profit, hurt by higher catastrophe losses.
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The company's first-quarter net income fell 7 percent to $709 million, or $1.47 cents per share, hurt by higher catastrophe losses.
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Aug 19 (Reuters) - Insurer Amlin Plc's first-half profit fell 12.5 percent due to higher catastrophe losses from the recent floods in Europe.