US insurer, the St Paul Cos, has said it expects damage from the flooding in the Red River Valley in Minnesota and North Dakota to result in pre-tax catastrophe losses of $30m-$40m in the second quarter, writes Alison Parkinson. Those losses are primarily from commercial insurance customers, the policies of which contained flood coverage, or from damage due to fires that destroyed several building

The swell of the Red River continues to move north, with the Canadian city of Winnipeg preparing for the floodwaters which are expected at low-lying areas soon.