Hurricane Irma is likely to cost insurers as much as Hurricane Katrina, Barclays predicts. Katrina cost insurers about $50 billion, the most of any storm in U.S. history. Hurricane Harvey — which could have similar overall economic impact — is expected to cost insurance companies far less, in part because many of the storm's victims are uninsured.

  • Insurance stocks are already dropping in anticipation. Validus has fallen 6.5% and XL group has fallen 6% "Collectively, insurance stocks are having their worst day of 2017. The S&P Insurance Industry (.IUX) is down 1.9 percent," CNBC reports.
  • Hurricane Irma could make landfall in south Florida this weekend as a Category 4 or 5 storm, although its path is not yet clear. The hurricane currently has 185 mph sustained winds.

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46 mins ago - World

Jeremy Corbyn suspended by U.K. Labour Party over anti-Semitism report

Photo: Christopher Furlong/Getty Images

The U.K. Labour Party has suspended its former leader, Jeremy Corbyn, after a watchdog report found that the party failed to properly take action against allegations of anti-Semitism during his time in charge.

Why it matters: It represents a strong break by Keir Starmer, Labour's current leader, from the Corbyn era and one of the party's most persistent scandals.

U.S. economy sees record growth in third quarter

The U.S. economy grew at a 33.1% annualized pace in the third quarter, the Commerce Department said on Thursday.

The state of play: The record growth follows easing of the coronavirus-driven lockdowns that pushed the economy to the worst-ever contraction — but GDP still remains well below its pre-pandemic level.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Large coronavirus outbreaks leading to high death rates — Coronavirus cases are at an all-time high ahead of Election Day — Fauci says U.S. may not return to normal until 2022
  2. Politics: Space Force's No. 2 general tests positive for coronavirus
  3. World: Taiwan reaches a record 200 days with no local coronavirus cases
  4. Europe faces "stronger and deadlier" wave France imposes lockdown Germany to close bars and restaurants for a month.
  5. Sports: Boston Marathon delayed MLB to investigate Dodgers player who joined celebration after positive COVID test.