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The floods struck Queensland between 26 January and 10 February, leaving hundreds of homes underwater.
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The update means Michael is the first hurricane to make landfall in the US since Andrew in 1992.
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Fema’s David Maurstad confirmed there is low take up of the NFIP in the region.
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The event is the costliest for insurers in an otherwise benign 2018-19 European winter storm season. -
Severe weather is forecast for parts of Texas, Oklahoma and Kansas on Wednesday.
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Aon said the latest storm could lead to combined economic and insured losses of $100mn.
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The storms that swept across the central US in March are likely to cost insurers up to $1bn, Aon has said.
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The Senate proposal would push the state reinsurance scheme to lift its cap on covering loss adjustment expenses.
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The storm on 27 March produced the most significant hailstorm in Brevard County’s history, the National Weather Service said.
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The sidecar’s main exposure is European wind risk.
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The Credit Suisse-backed managing general agent took a £6.6mn loss in 2018, down from £7.7mn the year before.
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Syndicate 2357 had escaped a reinsurance loss in 2017 but the segment fell to an $84.2mn loss in 2018.
