Florida braces for major hurricane Dorian

Florida is under a state of emergency as every county in the state prepares for potentially the east coast's strongest hurricane in nearly three decades.

Dorian impacted the Caribbean earlier this week, mainly damaging roofs, causing power outages, downing trees and bringing minor flooding. At Friday afternoon UK time, the storm is located 260 miles east-northeast of the southeastern Bahamas and is tracking towards the northwest at a forward speed of 12 mph.

The latest forecast from the National Hurricane Centre forecast suggests that Dorian may approach the east coast of Florida on 2nd September as a major hurricane (at least Cat 3).

Florida’s three state-sponsored, insurance-related entities provide stability to the property insurance market by providing primary insurance coverage to residents and businesses; as well as reimbursement coverage and claims assistance to private insurers – a structure devised to provide resilience to large storms.

Moody’s says all three entities have built up multiple sources of liquidity available to pay claims in the event of a large storm before turning to bonds.

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