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The storm is expected to weaken to a post-tropical cyclone later tonight.
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‘Life-threatening’ storm surge and hurricane-force winds expected for the state, according to the NHC.
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Francine is expected to make landfall in Louisiana tomorrow.
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The estimate from the Perils-owned company does not include any losses from Hurricane Debby.
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A hurricane watch is now in effect for the Louisiana coastline.
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The loss has increased by 1.4% since the company’s first assessment.
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Urban expansion, climate change and inflation are key drivers of losses.
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The CEA has $326.4mn towards risk transfer, 44% below budget.
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Returns were down on 2023, which benefited from favourable Ian loss development.
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Rising premium income is not keeping pace with the increased cost of claims.
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Flights cancelled as typhoon ramps up to Cat 4.