Major Losses

The final report said the majority of the losses occurred on Kyushu Island with 74% of the total industry loss.

According to the National Hurricane Center, Lee made landfall at Long Island, Nova Scotia, on Saturday.

With winds speeds around 80mph, Lee is now a Category 1 hurricane but is still expected to be ‘a large and dangerous storm' by the time it reaches New England and Canada.

Slow weakening is forecast during the next few days, but Lee is likely to remain a large and dangerous hurricane into the weekend, the update noted.

Insurance Insider has compiled a bite-sized wrap-up of the exclusive news stories and CEO interviews from this year's Monte Carlo Rendez-Vous.

The flooding followed a major rainstorm, which has been labelled a 1-in-500-year event.

Alongside a parametric scheme, a further insurance pool providing up to $1bn in cover will recoup funds to benefit the post-quake recover.

The carrier is one of a number of small firms with heavy concentration in Hawaii.

The country’s second-largest carrier has disclosed around EUR100mn in gross losses during H1.

The insurance company had set out plans last summer to expand its market share in Florida.

Tropical Storm Lee is set to strengthen to an “extremely dangerous” Category 4 hurricane by the end of the week, although there are no coastal watches or warnings in place as yet.

Meanwhile, ongoing hostilities have curtailed business opportunities for grain transport in the region.