Wyn Thomas - Axys Investment Management

Weekly Update 1st September 2017

HOUSTON DEVASTATION SETS IN

This week the full effects of hurricane Harvey started to become apparent, with flooding on the scale of that experienced during hurricane Katrina by New Orleans in 2005, but in a city ten times the size. It is still too early to fully understand the human cost, even before we begin to consider the economic costs. But to give some sense of the scale of the impact, it has been estimated that insured losses alone will top $90bn, and that doesn’t even begin to cover the lost production and capacity. It will be a major challenge to even collect data and the peculiarities of GDP statistics will probably never fully reflect the damage. Read more…