'Hidden flood' could push Harvey loss to $40bn: RMS

A "hidden flood" component could push insured losses
from Hurricane Harvey toward the $40bn upper bound of the current
RMS estimate for the event, according to an executive at the
modelling firm.
RMS head of client development for North America John Kapitan
told The Insurance Insider that insurers
had thrown in flood cover with commercial policies to win business
in the soft US property market.
"It's a question of how much of that was going
on," he said but warned:...