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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.
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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.
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The flooding followed a major rainstorm, which has been labelled a 1-in-500-year event.
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Alongside a parametric scheme, a further insurance pool providing up to $1bn in cover will recoup funds to benefit the post-quake recover.
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The carrier is one of a number of small firms with heavy concentration in Hawaii.
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The country’s second-largest carrier has disclosed around EUR100mn in gross losses during H1.
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The insurance company had set out plans last summer to expand its market share in Florida.
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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.
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Meanwhile, ongoing hostilities have curtailed business opportunities for grain transport in the region.
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The National Flood Insurance Programme could face a loss of around $500mn from the hurricane, according to the estimate.
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The analytics firm said that the majority of insured losses will be attributable to wind.
