Markit Recap – 9/4/2017

Hurricanes impact reinsurers

Hurricane Harvey wreaked devastation across central America and the United States (particularly Texas and Louisiana), leaving an incalculable human cost.

But what of the economic cost? As usual with natural disasters it will be some time before it is possible to attach a firm number. But Moody’s estimate that the total cost in the US will be $51-$75bn, and if the higher number is reached then the economic damage will exceed the $69bn from hurricane Sandy in 2012.