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Congresswoman Maxine Waters said the National Flood Insurance Program has experienced twelve short-term extensions resulting in brief lapses since fiscal year 2017.
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This year’s cover is less than the 2018 cover, which was $2.6bn.
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Timing is everything and, for the reinsurance market, this is especially true when it comes to losses.
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The total is 7.8 percent more than Perils’ EUR740mn first estimate on 18 April.
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The number of tornadoes last month was the highest for May since the 381 recorded in the same month in 2015.
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The Eurekahedge ILS Advisers Index dropped by 0.7 percent during the month.
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The insurer placed less coastal aggregate cover than originally planned.
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A total of 857,284 claims have now been received for the typhoon event, according to the General Insurance Association of Japan.
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The insurance industry is expected to cover the majority of wind- and hail-related losses, says Aon Impact Forecasting.
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Up to 60 tornadoes struck eight midwestern states on Monday, NOAA has reported.
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2020 Japanese prices likely to rise as typhoon loss set to double.