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Challenged contingency market hit by $40mn+ Hurricane Ida festival claim

McKinney, Texas, USA. 31st Aug, 2021. Aug 31, 2021-Cajun Navy travels to Pointe-aux-Chenes, Louisiana, to perform rescues and debris cleanup after Hurricane Ida slammed into Louisiana. (Credit Image: © Leslie Spurlock/ZUMA Press Wire)

The event-cancellation market is anticipating losses in excess of $40mn after Hurricane Ida forced the cancellation of the Bonnaroo music festival in Tennessee last week.

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