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A case against Fireman’s Fund reversed an earlier decision that Covid-19 cannot cause physical damage. -
Fires in Portugal, Spain, France, Greece and Croatia have caused widespread crop damage.
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The number of tropical cyclones decreased over the past 30 years, but the damage is increasing due to more people migrating to cat-exposed areas.
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The storms at the end of May generated 355,000 claims, while those between 18 June and 4 July saw 624,000 claims.
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The current estimated insurance loss for the flooding is A$142mn.
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The impacts of the July floods are coming on top of significant flood losses in other parts of the country in March and April.
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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.
