bringing extreme winds and torrential rains, it caused between US$50 billion and US$65 billion in insured damages.
They are expected to come to US$115 billion this year, 6 per cent below last year, but higher than the 10-year average of US$81 billion. “When Hurricane Andrew struck 30 years ago, a US$20 billion loss event had never occurred before. Now there have been seven such hurricanes in just the past six years.”
The insurance industry also continues to be plagued by what are known as secondary perils, the report confirms.
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