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Severe convective storms account for almost 60% of insured losses, the company said.
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The National Hurricane Center is warning of “historic, life-threatening” flash flooding.
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The insurer could have total gross losses of more than EUR500mn, according to a French publication.
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Reinsurance recoveries and a drop in overall claims will offset the BI loss hike.
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Meanwhile, in neighboring California, the largest wildfire, the August Complex, has burnt 755,603 acres of land.
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The storm has not intensified as much as feared, but hurricane warnings remain in effect for New Orleans.
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The US National Weather Service issued a critical fire weather warning for parts of Idaho, Montana, California, Nevada and Oregon on Monday.
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The NHC has put a hurricane warning in place for Lake Maurepas including the city suburbs.
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Wind and hail-related property damage is expected to be covered, but a “sizable portion” of crop losses may not be.
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In California, the August Complex in Tehama County has become the largest wildfire in the state’s history.
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Retro drawback and concerns over performance in some lines will temper some expansion, say execs.
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The property segment swings £1bn into the red from a small profit a year earlier.