To prep for Hurricane Florence, investors sell off insurers

15 September, 2018, 00:49 | Author: Bridget Leonard
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If the latest forecast holds, Florence will strike farther north on the East Coast than any other Category 4 hurricane in history.

Florence, now a Category 4 hurricane, is headed toward the Carolinas and Mid-Atlantic states with 140 miles per hour winds and is expected to make landfall late Thursday or early Friday.

Businesses and homes in the storm's path were boarded up and thousands of people had moved to emergency shelters, officials said, urging anyone who remained near the coast to flee.

More than 1.5 million people in the massive storm's path have been ordered to evacuate.

Even Wilmington, North Carolina - a coastal city accustomed to severe weather - is bracing for an unusually brutal impact.

The National Weather Service in Wakefield said this morning that Hurricane Florence is continuing to move toward the Carolinas.

"None of the guidance suggest that Florence has peaked in intensity", the NHC said.

The deep moisture that was in place across the region earlier this week, remnant moisture of Gordon that was carried in by the cold front and then stranded as the frontal boundary stalled, was expected to retreat westward as Florence nears the US coast, resulting in hot, dry weather for the Cumberland Plateau for much of the week.

At 11 p.m. EDT, the storm's center was located about 465 miles (750 kilometers) south-southeast of Bermuda and about 1,085 miles (1745 kilometers) east-southeast of Cape Fear, North Carolina.

The hurricane season officially runs from June 1 to November 30, when the waters of the Atlantic Ocean are warm enough to produce tropical cyclones.


A wind pattern that allows a storm to get strong and stay strong.

The centre of the titanic storm is expected meander Thursday, Friday and Saturday over a stretch of coastline saturated by rising seas, inundating several states and triggering life-threatening floods.

Hurricane Florence will approach the coast of North Carolina and SC on Thursday or Friday. When it reaches inland ares, far from the coast, its high winds and heavy rains will knock down trees and wreak other havoc, according to the hurricane center.

"This will have a storm surge in the 20-foot range", Myers said.

If it makes landfall as predicted, Florence could become the northernmost Category 4 hurricane to hit the USA since records were first kept in 1851.

The Miami-based National Hurricane Center (NHC) said that Florence remained a Category 4 hurricane as of 11am (1500 GMT) packing deadly winds of 130 miles per hour (215 kilometers per hour). Sound unlikely? It's the same model that accurately predicted that last year's Hurricane Harvey, which also stalled over land, would drop 60 inches. While wind damage is still ordinarily covered, insurers that were stung by storms such as Sandy in 2012, which swamped NY and New Jersey, have inserted clauses in their policies that limit coverage and set high deductibles, particularly when storms reach hurricane status.

Smithfield Foods Inc [SFII.UL] said it would shut down the world's largest hog-slaughtering facility in Tar Heel, North Carolina, on Thursday and Friday due to the hurricane.

The state of North Carolina is preparing for a major storm. "We wish UNC the best of luck through this storm and for the rest of the year".

"It's going to keep any of that rain from this system away from us until the beginning of next week", Hubbard said.

Power companies warned residents may be without power for days or weeks.

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