Weather
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Tornadoes this week have brought high winds, hail and flash flooding to the area.
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Arch’s reinsurance underwriting income for the first quarter of this year plummeted by 61.9 percent to $20.9mn.
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The biggest hit to the insurer were US winter-related storms, at $191mn.
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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.
