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Floodwaters in Bagadó reportedly reached more than meter high, while the municipalities of Cértegui, Lloró, and Nuquí also experienced significant flooding.

"Colombia is heavily underinsured. If you look at insurance penetration ... Colombia is about a quarter of where it should be," said John Nelson, chairman of Lloyd's of London.

"My heart — our heart, the heart of all Colombians — is with the victims of this tragedy," said President Santos.

"Colombia has one of the highest seismic hazards in South America," said Victor Roldán of RMS.

Recent upgrades to AIR's model have improved its ability to predict losses due to ground shaking and tsunamis.