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Hundreds of homes have been destroyed, while 33,000 have been left without power. -
The McKinney and Oak fires are 0% and 67% contained, respectively.
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The government-backed disaster insurance facility offered discounts to its members that increased their tropical cyclone and earthquake coverage from last year.
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Initial loss estimates from convective storms and flash flooding place the economic impact in the hundreds of millions, although Aon warned losses may rise further.
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The effort to resolve claims has been hampered by constraints on labour and materials.
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US severe thunderstorms caused insured losses of $17bn during the first half.
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If no action is taken to reduce emissions, costs could soar by 87% in average annual losses to residential properties, JBA Risk Management said.
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No matter what the outcome, further market dislocation is on its way – but there are various band-aid options that could help Florida insurers limp through hurricane season.
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The release followed an appeal judgment from the High Court of Australia.
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The company also said it expects a $408mn reserve charge, including $275mn related to personal auto and $91mn recorded for commercial auto.
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The first six months of the year also saw more billion-dollar loss events than average.
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More public-private partnerships should be a priority for governments and businesses.
