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The storm was downgraded from super typhoon status before making landfall on Sunday. -
The storm is currently moving over the Dominican Republic and headed for Bermuda.
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The Category 1 storm will likely cause “life-threatening flash and urban flooding” in eastern portions of the Dominican Republic through early Tuesday, according to the NHC.
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The storm was downgraded from super typhoon status ahead of landfall but was still the equivalent of a significant hurricane.
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The storm is currently at Cat 4 strength but will weaken to Cat 3 as it approaches land.
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Florida specialists have continued to cede more premium to reinsurers, topping $7bn in 2021.
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Earlier loss reports suggested the total costs would be much lower – Perils’ first report estimated losses at A$3.99bn, while its second pegged losses at A$4.89bn.
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Market sources are suggesting inflation could require a wider group of US cedants to buy $10bn-$20bn of additional cat coverage for 2023.
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The cities of Busan and Daegu have been placed on red alert and are expected to be hit by a Category 1 storm tomorrow.
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Danielle doesn’t appear to threaten land, but a second storm is likely forming and could threaten the Caribbean and Florida.
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Insured losses in 2021 alone hit $20bn.
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After the quietest start to hurricane season since 1997, weather experts forecast storm activities in the Atlantic to happen as early as this week.
