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Insurers have received more than 10,500 claims so far in relation to the storms and flooding in New South Wales since 1 July.
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Tropical storms gain strength when passing over the deep warm current.
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Carriers have received more than 8,000 flood claims since 1 July.
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The July date of the event is favourable for reinsurers as Suncorp and IAG have just reset their deductibles, although QBE buys on a calendar-year basis.
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Tropical Storm Risk set the probability of above-normal accumulated cyclone energy in the North Atlantic at 46%.
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In the last 24 hours, more than 35,000 people have been evacuated or asked to prepare to do so.
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Its total risk transfer programme is sized at just over $9bn, down $400mn from year-end 2021.
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Widespread rainfall, thunderstorms and flash flooding is expected to continue until Tuesday.
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Flash flooding and landslides are expected.
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The March earthquake that struck Fukushima in Japan will cost $2.3bn.
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The carrier’s losses from the Melbourne earthquake and various large storms have also exceeded initial estimates by $8mn.
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The new recruit has worked for Argo, Allianz and the European Space Agency.