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The loss event was flagged by European carriers in recent Q2 earnings disclosures. -
"Finally we feel things are moving forward," says West Kelowna fire chief Jason Brolund.
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Data from the NHC shows that maximum sustained winds are near 65mph, with higher gusts.
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Severe convective storms caused strong winds, large hail and flash flooding in parts of the US and Canada between August 10 and August 15.
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The Cat-4 storm is likely to weaken as it approaches the California coast.
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The development in reconstruction costs and contingent BI claims may put the ultimate sum beyond current estimates.
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Allstate reported cat losses of $1bn and $885mn for June and May.
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The loss is composed of personal lines property losses, representing 54% of the loss, and commercial lines property losses, which represent 46% of the total industry loss.
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Loss estimates from Aon, Gallagher Re, Swiss Re and Munich Re all point to a significant component of severe convective storm losses.
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The latest estimates peg the fires as the second largest loss event in the state’s history, second only to Hurricane Iniki in 1992.
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Most forecasters now predict above-average storm activity for the Atlantic as a result of record-high sea-surface temperatures.
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Primary writers of homeowners and commercial property are exposed, while reinsurers could face wildfire losses.
