Hurricane Irma: Huge Losses Expected for the Insurance Industry
According to a projection from AIR Worldwide, a risk modeling software company, Hurricane Irma will likely create insured losses totaling $20 billion–$65 billion for the US (KIE) and some Caribbean islands. For the US, insured losses are expected to be $15 billion–$50 billion. Although many experts think that the government will likely bear the brunt of the losses, ~$2 billion–$4 billion worth of losses are expected to impact private insurance companies (AIG) (BRK.A).
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MasterCard increased its sales outlook
Driven by a better-than-expected performance in its services business, MasterCard (MA) aims for 20% annual EPS (earnings per share) growth for the three-year period ending in 2018—up from a previous target of growth in the “mid-teens.” The company also expects its adjusted revenue for 2017 to increase at the higher end of its previous target of low double-digit growth. The company expects its fiscal operating expenses to grow in the high single digits. Mastercard will also handle Bank of America’s (BAC) cash rewards credit cards starting in 2018.