Workers secure plywood to business exteriors ahead of Hurricane Florence in Wilmington, North Carolina. Besides millions of residents affected by winds and flooding, the markets are also anticipating a hit. (Photo: Charles Mostoller/Bloomberg)(Bloomberg) –The punch packed by Hurricane Florence is already rattling markets from stocks to bonds.
The massive storm — which is forcing more than 1 million people to flee and could wreak as much as $27 billion in damages as it cuts a path through the states of Georgia and the Carolinas — has struck insurance companies' shares and funds holding catastrophe bonds as investors try to get ahead of the potential disaster.
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