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The storm is expected to cause “historic life-threatening” flash flooding, according to data from the National Hurricane Center. -
Micro-insurance and parametric products show promise in extending cover, speakers said.
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The storm has not intensified as much as feared, but hurricane warnings remain in effect for New Orleans.
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The US National Weather Service issued a critical fire weather warning for parts of Idaho, Montana, California, Nevada and Oregon on Monday.
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The NHC has put a hurricane warning in place for Lake Maurepas including the city suburbs.
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Wind and hail-related property damage is expected to be covered, but a “sizable portion” of crop losses may not be.
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Record heat, dry conditions and strong winds have helped wildfires spread, Aon said.
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Still some way off Category 1 intensity, Paulette is expected to reach the Leeward Islands on Thursday night.
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The bulk of the payout – $7.2mn – relates to excess rainfall cover.
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The typhoon was far less destructive than early forecasts suggested, according to claims-adjusting firm Sedgwick.
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EMEA cat rates have failed to reprice while US and Japan markets have been more reactive, the firm noted.
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The storm brought record amounts of rainfall to southern Japan, with authorities warning of landslides.
