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A fire tornado is formed when rising heat combines with turbulent wind conditions, creating towers of flame and ash.
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The storm system is not currently forecast to make a US landfall, although could impact Bermuda later next week as a tropical depression.
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The modelling agency included $400mn to $700mn of losses to the US government’s National Flood Insurance Program as part of its estimate. -
Tornadoes, hail and strong winds hit the eastern half of the US last week.
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The updated total of A$958mn ($675mn) includes additional property and motor damages.
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The developing world specialist insurer is looking for input from ILS funds and reinsurers.
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The Texas state-backed carrier secured $2.1bn in cover for the 2020-21 hurricane season for $107.5mn above the $93.1mn budget.
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Insurers need to “be ahead of the game” on rate increases, company officials told Trading Risk.
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Loss estimates outstrip early expectations.
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The meteorological service has lifted its hurricane estimate from six to 10 to seven to 11.
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The business will be known as SiriusPoint and led by ex-AIG CFO Sid Sankaran, who will become chairman and CEO.
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Sources say initial modelled loss data converges on another sub-$1bn loss with wider variations than over earlier 2020 storms.
