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# December 19, 2016: Florida' Hurricane Damages Reach $1.6B, UK Coast Will Flood and Allied World Goes Canadian
- URL: https://www.riskmarketnews.com/december-19-2016-florida-hurricane-damages-reach-1-6b-uk-coast-will-flood-allied-world-goes-canadian/
- Published: 2016-12-19T07:06:10.000Z
- Updated: 2016-12-19T07:06:10.000Z
- Author: Chris Westfall

## Risk Science: What You Need to Read Today

### [Above and Beyond Megathrusts—Draining Pore Fluids Dampens Earthquake Tremors](http://phys.org/news/2016-12-megathrustsdraining-pore-fluids-dampens-earthquake.html?ref=riskmarketnews.com)

#### [Phys.org](http://phys.org/news/2016-12-megathrustsdraining-pore-fluids-dampens-earthquake.html?ref=riskmarketnews.com)

Undrained conditions are a key factor in the generation low-frequency earthquakes.

### [Tsunami Alerts Canceled Following 7.9 Earthquake Off Papua New Guinea](http://www.cnn.com/2016/12/17/asia/earthquake-papua-new-guinea/?ref=riskmarketnews.com)

#### [CNN](http://www.cnn.com/2016/12/17/asia/earthquake-papua-new-guinea/?ref=riskmarketnews.com)

The quake struck in the ocean about 45 kilometers east of Papua New Guinea’s New Ireland island.

### [Why Britain’s Coast is Doomed](https://www.theguardian.com/news/2016/dec/18/why-britains-coast-doomed-floods-weatherwatch?ref=riskmarketnews.com)

#### [The Guardian](https://www.theguardian.com/news/2016/dec/18/why-britains-coast-doomed-floods-weatherwatch?ref=riskmarketnews.com)

A study of recent data suggests that only good fortune has so far saved coastal communities from a major flood.

### [How Climate Change Impacted 2015’s Extreme Weather](http://www.climatecentral.org/news/climate-change-impacted-2015-extreme-weather-20982?ref=riskmarketnews.com)

#### [Climate Central](http://www.climatecentral.org/news/climate-change-impacted-2015-extreme-weather-20982?ref=riskmarketnews.com)

The fingerprints of climate change have been found on about two-thirds, particularly for heat events, where the warming influence has been almost universal.

## Risk Business: What You Need to Read Today

### [Canadian Insurer Fairfax to Acquire Switzerland’s Allied World in $4.9 Billion Deal](http://www.wsj.com/articles/canadian-insurer-fairfax-agrees-to-4-9-billion-deal-for-switzerlands-allied-world-1482124176?ref=riskmarketnews.com)

#### [WSJ (sub may be required)](http://www.wsj.com/articles/canadian-insurer-fairfax-agrees-to-4-9-billion-deal-for-switzerlands-allied-world-1482124176?ref=riskmarketnews.com)

Fairfax’s offer price for Swiss insurer represents an 18% premium to Allied World’s latest closing share price

### [Mnuchin’s Ultra-Long Bond Idea Is an Ultra-Longshot for Treasury](https://www.bloomberg.com/news/articles/2016-12-18/mnuchin-s-ultra-long-bond-idea-is-an-ultra-longshot-for-treasury-iwv99jtk?ref=riskmarketnews.com)

#### [Bloomberg](https://www.bloomberg.com/news/articles/2016-12-18/mnuchin-s-ultra-long-bond-idea-is-an-ultra-longshot-for-treasury-iwv99jtk?ref=riskmarketnews.com)

Insurance companies and pension funds are likely buyers because they need to match liabilities that span decades.

### [Judge Orders State Farm to Cut Insurance Rates, Puts Refunds on Hold](http://www.latimes.com/business/la-fi-state-farm-hearing-20161219-story.html?ref=riskmarketnews.com)

#### [LA Times](http://www.latimes.com/business/la-fi-state-farm-hearing-20161219-story.html?ref=riskmarketnews.com)

State Farm is challenging Insurance Commissioner Dave Jones’ authority to demand refunds under landmark insurance law Proposition 103.

### [Hermine, Matthew Damages Near $1.6 Billion](http://www.sunshinestatenews.com/story/hermine-matthew-damages-near-16-billion?ref=riskmarketnews.com)

#### [Sunshine State News](http://www.sunshinestatenews.com/story/hermine-matthew-damages-near-16-billion?ref=riskmarketnews.com)

The costs tied to Hurricane Hermine and Hurricane Matthew are the highest for disasters since the much more expensive 2004 and 2005 hurricane seasons.