Weather
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The updated total of A$958mn ($675mn) includes additional property and motor damages.
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The developing world specialist insurer is looking for input from ILS funds and reinsurers.
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The Texas state-backed carrier secured $2.1bn in cover for the 2020-21 hurricane season for $107.5mn above the $93.1mn budget. -
Insurers need to “be ahead of the game” on rate increases, company officials told Trading Risk.
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Loss estimates outstrip early expectations.
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The meteorological service has lifted its hurricane estimate from six to 10 to seven to 11.
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Sources say initial modelled loss data converges on another sub-$1bn loss with wider variations than over earlier 2020 storms.
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Reports of flooding in eastern US states as millions were left without power.
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The storm is producing tornadoes on its way up the US east coast.
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Parts of South and North Carolina are under hurricane warning but the storm is expected to bypass the city of Charleston.
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The storm is now expected to make landfall in the Carolinas late Monday.
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Isaias is currently a Cat 1 hurricane and is nearing Andros, the largest island in the Bahamas.
