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The total compares with around $50mn pre-tax cat losses in Q3 2019 from Hurricane Dorian and other events.
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The Canadian Hurricane Centre described Teddy as a “very large and powerful storm”. -
The figure compares with around $50mn in pre-tax cat losses in Q3 2019 from Hurricane Dorian and other events.
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The vendor said about $3bn-$5bn of the loss total would come from Northern California, while between $1bn-$3bn would stem from Washington and Oregon.
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The NHC expects “significant flash and urban flooding” to continue.
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Sally buffeted cities and town as it moved across Alabama at speeds as low as 2 mph, the modeller said.
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The estimate excludes NFIP losses, offshore assets, and the potential impact of Covid-19.
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Analyst Philip Kett says consensus opinion has yet to wake up to mounting claims from smaller wind and rain events.
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Both storms are expected to bring heavy rainfall, storm surges and strong winds.
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Retro structural change will provide a lot of the gains in 2021, with trapping negotiations complicating the mix.
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Hurricanes Isaias and Laura produced the bulk of losses for the insurer, which is drawing down on an aggregate cover.
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Pre-tax cat losses totalled almost $1bn, driven by claims related to hurricanes Laura and Isaias.
