Caribbean
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Insurance penetration varies, but hotels have “near-total” coverage and strong limits. -
Sources said the executive will report to Julian Pratt in South Florida.
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Widespread underinsurance and low exposures will limit losses.
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Many commercial risks will have London coverage, but insured values are relatively low.
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Hurricane warnings are in place for Guantanamo, Holguin and Las Tunas.
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Economic losses from the Cat 5 storm could run 30%-250% of the country’s GDP.
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A US landfall is not expected, but the storm could hit the Bahamas by Friday.
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The storm could bring flooding to Jamaica, Cuba and Haiti.
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Winds have strengthened to 80 mph, and the hurricane is expected to intensify further over the next 48 hours.
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Rafael Diaz, Tiara Elward and Felipe Murcia will join BMS’s LatAm and Caribbean unit.
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Life-threatening surf and rip currents are expected on the east coast of the US.
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The Miami-based executive assumes the role left vacant by April McLaughlin.
