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California floods unlikely to be huge loss for re/insurers: J.P. Morgan

January 30, 2023

A new report from J.P. Morgan has stated that the recent California floods are unlikely to be a huge loss for the insurance industry.

The California floods hit from late December to early January. The state was hit with extreme rain and winds, leaving entire neighbourhoods under water, downing trees, and causing severe mudslides.

Data from the National Weather Service has shown that almost all parts of the state of California have seen 400-600% more rainfall than usual over the past few weeks. This was also accompanied by localized strong wind gusts and snow in several parts of the state.

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