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A hurricane warning is in effect from the Anclote River to Mexico Beach, Florida.
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A storm surge warning is in effect from Flamingo to Indian Pass.
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July and August floods and fires caused the bulk of the insured loss burden.
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The system is forming in the same area as 2022’s Hurricane Ian.
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Fifteen events caused estimated losses of $306mn.
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Moody’s also predicts losses to the NFIP at less than $200mn.
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The estimate is like others in the market, suggesting a relatively small loss from the event.
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The hurricane has led to a “surge” in insurance claims related to floods, according to the IBC.
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The ratings agency said companies focused on growing business in Gulf Coast states, however, would face a “key test” as claims materialised.
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A sub-$3bn industry insured loss event would be similar to estimates for hurricanes Beryl and Debby.
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Francine has been the eighth Category 2 or larger storm to make landfall in Louisiana since 2000.