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Insurers had flagged a spike in claims from the legal change that came into effect on 1 July.
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Most losses will come from the Bahamas which are likely to account for just over $3.6bn of losses, the modeller said.
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Hurricane data provider Tropical Storm Risk predicts there is an 85 percent chance of the US mainland being hit by Category 1 hurricane conditions in the next 21 hours.
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The storm had been sitting over Grand Bahama but is now expected to skirt Florida’s east coast later today.
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The NHC has warned that the hurricane will move “dangerously close” to the coasts of Florida, Georgia and South Carolina in the coming days.
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The cat bond pricing index only dropped by 0.78 percent last Friday when Hurricane Dorian was forecast to be a Florida hit.
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The hurricane battered the Bahamas on Sunday but is now not predicted to make landfall in the US.
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Landfall is now expected further south than before, near the wealthy area of West Palm Beach
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The five Florida landfalls of hurricanes similar to Hurricane Dorian include Hurricane Jeanne in 2004, the modelling agency said.
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Historical parallels including Jeanne have caused a huge range of economic losses.
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A “hiccup” in the storm’s structure means it is now tracking more slowly towards Florida, according to the NHC.
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The InsurTech firm began as an MGA but has raised capital to set up a Demotech rated entity.