Insurers Brace For Another Round Of Catastrophe Losses From Hurricane Florence

U.S. insurers are bracing for what could be $20 billion in losses as Hurricane Florence barrels toward the Carolinas and Virginia, bringing punishing rains and potentially deadly flooding. Hurricane Florence, on track to become the first Category 4 storm to make a direct hit on North Carolina in six decades, howled closer to shore on Wednesday, as schools and factories were being shuttered and authorities ordered more than 1 million people in the region to evacuate. Losses from Florence could be on par with those from two previous storms: Hurricane Hazel, which ravaged North Carolina in 1954, causing $15 billion in losses, and Hurricane Hugo in 1989, which caused $20 billion, according to a report from risk modeling firm RMS on Tuesday.