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The earthquake that struck New Zealand this week could cost the insurance industry as much as $3.7 billion, according to catastrophe modeler AIR Worldwide.

A 7.5 magnitude quake rocked New Zealand early Monday, killing at east two people, causing widespread damage, and closing schools and businesses around the country.

Obama's action authorizes FEMA to coordinate all disaster relief efforts and to provide appropriate assistance for required emergency measures.

Hurricane Matthew is increasingly likely to have significant impacts along the Southeast U.S. coast later this week, but its future effects along the Northeast seaboard remain uncertain.

Across Baton Rouge, one hard hit area, no more than 15 percent of all homes have flood insurance, and in the other hard-hit location, Lafayette, the rate is just 14 percent.

News from AIR Worldwide, Erie Insurance and more.

News from Travelers, Mitchell, Integro and more

News from Hiscox, AIR Worldwide, IMCA and more.