This year is shaping up to be one of the worst in terms of catastrophe losses the insurance industry has ever incurred, as data for the third quarter of 2018 paints a grim picture.
During Q3 2018, the US was beset by the destructive Hurricanes Florence and Michael, which together caused more than $31 billion in economic damages. The quarter also saw wildfires erupt in some parts of the country. California – in particular – continues to suffer its worst fire season on state record, having experienced 32 wildfires in Q3 2018 alone.
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