Category 5 Hurricane Irma Gathers Pace as It Stalks Florida

European insurance sector stocks remained under pressure Tuesday amid a rebound in broader markets as investors looked to the staggering bill for Hurricane Harvey and braced for a dangerously gathering storm in the Caribbean that is expected to hit South Florida later this week. 

Florida Governor Rick Scott declared a state of emergency last night after the National Weather Service upgraded Hurricane Irma, which is quickly gaining speed in the West Indies and warned of "catastrophic outcomes," including uprooted trees and disabled power lines, as a result of its 150 mile-per-hour winds.

 "Preparations should be rushed to completion as tropical storm-force winds are expected to arrive in the hurricane warning area by late Tuesday," the NWS said in a statement.

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