September 8th, 2017

Week’s Top Stories: September 2 — 8, 2017

Posted at 6:30 AM ET

Hurricane Harvey: Following initial landfall, Hurricane Harvey continued to meander over southeast Texas while weakening to tropical storm status due to land interaction. Harvey then briefly emerged over the Gulf of Mexico before turning to the northeast and making a third landfall near Cameron, Louisiana, early Wednesday morning as a tropical storm. Harvey has since continued to move to the north-northeast and weakened further due to land interaction and dry air. The National Hurricane Center (NHC) downgraded Harvey from tropical storm to tropical depression status at 8 p.m. EDT on August 30, and discontinued tropical storm warnings at that time.

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Excess Capacity in This Year’s Florida Market: The Florida peninsula is the most important market for property reinsurance in the world. Each summer, the third most populous state in the union braces itself for another Atlantic hurricane season. In Florida’s esoteric insurance market, insurers buy reinsurance protection at the beginning of June each year.

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Guy Carpenter Announces Senior Global Specialties Promotion: Guy Carpenter & Company announced that James Boyce has been promoted to Deputy CEO, Global Specialties, effective immediately. Based in London, he will report to Kevin Fisher, CEO, Global Specialties.

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Managing Catastrophe Model Uncertainty, Issues and Challenges: Here we repeat our series authored by John Major, which focuses on the issues and challenges in managing catastrophe model uncertainty.

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Factors Contributing to the Gap Between Economic and Insured Losses: The factors that contribute to the gap between economic and insured losses.

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And, You May Have Missed…

Public Sector Risk Financing Perspectives in Asia Pacific: According to United Nations estimates, 54 percent of the world’s population lives in Eastern, Southern and Southeastern Asia. The region hosts 778 million urban inhabitants and seven out of the world’s top ten most populated cities. The region is also home to every major peril - from cyclone to tsunami - and has experienced some of the world’s largest catastrophes based on economic loss. While there are natural catastrophes all over the world, Asia is a unique confluence of people and perils.

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