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Risk & Insurance: Harvey hampers third of US refining capacity

The economy of Houston, Texas, could lose up to $60 billion in gross domestic output in the next year due to Hurricane Harvey floods, according to an analysis by the Cambridge Centre for Risk Studies. “Beyond the immediate impact to industry, there is also the disruption to the national and global supply chains,” said Dr Andrew Coburn, Director of the Centre’s Advisory Board. The analysis examined potential economic loss through a model that looks at lost sales, revenues, and other economic outputs that could be lost to business in the region.

Read the full article [riskandinsurance.com]