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Climate variations will likely spur demand for ILS capital to help reinsurers manage peak US hurricane exposure, the manager said. -
The National Flood Insurance Program is expected to take $400mn-$800mn of losses.
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Rain and storm warnings are in effect for the provincial capital city of Halifax.
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The Canadian Hurricane Centre described Teddy as a “very large and powerful storm”.
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The NHC expects “significant flash and urban flooding” to continue.
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The deal follows an earlier fronting agreement supported by Markel, Nephila and RenaissanceRe.
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July rains and typhoons Maysak and Haishen severely damaged Kyushu region, the body said.
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The Pensacola Bay Bridge was recently rebuilt in a $430mn investment project.
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Major reinsurance carriers like Munich Re, Hannover Re and MS Amlin are significant providers to some of the state's regional carriers, analysis suggests.
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The storm is expected to move across southeastern Alabama before hitting central Georgia on Thursday.
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Life-threatening storm surge is already occurring along the coastline from Alabama to the Florida Panhandle, including Pensacola Bay and southern portions of Mobile Bay.
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Severe convective storms account for almost 60% of insured losses, the company said.
