
<!DOCTYPE HTML>
<html prefix="og: https://ogp.me/ns#" itemscope itemtype="https://schema.org/WebPage">
    <head>
        
        <title itemprop="name">Hurricane Harvey intensifies brewing flood-insurance storm—commentary</title>
        
        <meta http-equiv="X-UA-Compatible" content="IE=edge" />
        
  <meta charset="utf-8"><meta property="AssetType" content="partnerstory" /><meta property="pageNodeId" content="104679114" /><!-- premium asset !--><meta itemprop="description" name="description" content="Even before Hurricane Harvey, the federal flood insurance program was due for reform, says Breakingviews&#039; Gina Chon." />
    
<meta itemprop="keywords" name="keywords" content="Insurance, Personal Finance, Insurance, Transportation, Natural Disasters, Commentary, Catastrophe, Donald Trump, business news">
<meta property="og:type"  content="article" /><meta property="og:url" content="https://www.cnbc.com/2017/08/29/hurricane-harvey-intensifies-brewing-flood-insurance-storm-commentary.html" /><meta property="og:site_name" content="CNBC" /><meta property="og:image" itemprop="image" content="https://fm.cnbc.com/applications/cnbc.com/resources/img/editorial/2017/08/29/104679115-GettyImages-840260832.1910x1000.jpg" /><meta property="og:title" content="Hurricane Harvey intensifies brewing flood-insurance crisis" /><meta property="og:description" content="Even before Hurricane Harvey, the federal flood insurance program was due for reform, says Breakingviews&#039; Gina Chon." /><meta name="twitter:card" content="summary_large_image" /><meta name="twitter:site" content="@CNBC" /><meta name="twitter:url" content="https://www.breakingviews.com/considered-view/harvey-intensifies-brewing-flood-insurance-storm/" /><meta name="twitter:title" content="Hurricane Harvey intensifies brewing flood-insurance crisis" /><meta name="twitter:description" content="Even before Hurricane Harvey, the federal flood insurance program was due for reform, says Breakingviews&#039; Gina Chon." /> <meta name="twitter:image" content="https://fm.cnbc.com/applications/cnbc.com/resources/img/editorial/2017/08/29/104679115-GettyImages-840260832.1910x1000.jpg" /><link rel="amphtml" href="//www.cnbc.com/amp/2017/08/29/hurricane-harvey-intensifies-brewing-flood-insurance-storm-commentary.html"><meta property="article:publisher" content="https://www.facebook.com/cnbc" /><meta property="article:published_time" content="2017-08-29T13:34:13-0400" /><meta property="article:modified_time" content="2017-08-29T14:09:13-0400" /><meta property="article:author" content="https://www.facebook.com/CNBC" /><meta name="author" content="Gina Chon" /><link href="https://plus.google.com/+CNBC" rel="author" /><meta property="article:section" content="Insurance" /><meta property="article:tag" content="Personal Finance" /><meta property="article:tag" content="Insurance" /><meta property="article:tag" content="Transportation" /><meta property="article:tag" content="Natural Disasters" /><meta property="article:tag" content="Commentary" /><meta property="article:tag" content="Catastrophe" /><meta property="article:tag" content="Donald Trump" /><meta name="news_keywords" content="Hurricane Harvey, natural disaster, Katrina, storm, Houston, Texas, Trump" /><meta http-equiv="pics-label" content="(pics-1.1 &quot;http://www.icra.org/ratingsv02.html&quot; l gen true for &quot;http://www.msnbc.msn.com&quot; r (nz 1vz 1lz 1oz 1cz 1) &quot;http://www.rsac.org/ratingsv01.html&quot; l gen true for &quot;http://www.msnbc.msn.com&quot; r (l 0n 0s 0v 0))" /><meta name="GOOGLEBOT" content="unavailable_after: 31 Dec 9999 23:59:59 GMT" /><!-- structured data !--><meta itemprop="dateCreated" content="2017-08-29T13:34:14-0400" /><meta itemprop="dateModified" content="2017-08-29T14:09:13-0400" /><meta itemprop="lastReviewed" content="2017-08-29T14:09:13-0400" /><meta itemprop="sourceOrganization" content="CNBC" /><meta itemprop="inLanguage" content="en-US" /><meta itemprop="specialty" content="Hurricane Harvey, natural disaster, Katrina, storm, Houston, Texas, Trump" /><meta itemprop="primaryImageOfPage" content="https://fm.cnbc.com/applications/cnbc.com/resources/img/editorial/2017/08/29/104679115-GettyImages-840260832.1910x1000.jpg" /><meta itemprop="isFamilyFriendly" content="true" /><meta itemprop="contentRating" content="NR" /><meta name="tp:PreferredRuntimes" content="universal" /><meta name="tp:PreferredFormats" content="M3U,MPEG4" /><meta name="tp:initialize" content="false" /><meta name="apple-itunes-app" content="app-id=398018310" app-argument="//www.cnbc.com/id/104679114"><meta property="al:ios:app_name" content="CNBC Business News and Finance"><meta property="al:ios:app_store_id" content="398018310"><script type="application/ld+json">{"@context": "https://schema.org","@type": "NewsArticle","description": "Even before Hurricane Harvey, the federal flood insurance program was due for reform, says Breakingviews&#039; Gina Chon.","mainEntityOfPage": "https://www.breakingviews.com/considered-view/harvey-intensifies-brewing-flood-insurance-storm/","headline": "Hurricane Harvey intensifies brewing flood-insurance crisis","dateCreated": "2017-08-29T13:34:14-0400","datePublished": "2017-08-29T13:34:14-0400","dateModified": "2017-08-29T14:09:13-0400","author": {"@type": "Person","name": "Gina Chon"},"creator": ["Gina Chon"],"publisher": {"@type": "Organization","name": "CNBC","logo": {"@type": "ImageObject","url": "https://sc.cnbcfm.com/applications/cnbc.com/staticcontent/img/cnbc-logo-amp.png","width": 360,"height": 60}},"image":{"@type": "ImageObject","url": "https://fm.cnbc.com/applications/cnbc.com/resources/img/editorial/2017/08/29/104679115-GettyImages-840260832.720x405.jpg","width": 720,"height": 405},"thumbnailUrl": "https://fm.cnbc.com/applications/cnbc.com/resources/img/editorial/2017/08/29/104679115-GettyImages-840260832.720x405.jpg","articleSection": "Finance","url": "https://www.cnbc.com/2017/08/29/hurricane-harvey-intensifies-brewing-flood-insurance-storm-commentary.html","keywords": ["Articles","Finance","Insurance","Personal Finance","Transportation","Natural Disasters","Commentary","Catastrophe","Donald Trump","source:tagname:Breakingviews"]}</script><meta name='parsely-metadata' content='{"nodeid": "104679114","originalImage": "https://fm.cnbc.com/applications/cnbc.com/resources/img/editorial/2017/08/29/104679115-GettyImages-840260832.jpg"}'>
		


         <!-- Including styles as the first thing on the page-->
        
              <link href="//www.cnbc.com/staticcontent/global.2.css?vn=520" rel="stylesheet">


	<script id="javascript-lazy-loader" data-loader-url="https://js.cnbcfm.com/minify/js" type="text/javascript" src="https://js.cnbcfm.com/minify/js?modules=partner_experience&vn=520"></script>




<!--[if lt IE 9]>
	<script type="text/javascript" src="//www.cnbc.com/staticcontent/html5support.js?vn=520"></script>
<![endif]-->
        
        
       <!-- Styles from Skin -->
                    							    		    			    				    				
					    						    						    							    							    							    							      				      			       		    				
					    						    						    							    								    							    							    							    							      				      			       		    				
					    						    						    							    								    							    							    							    							      				      			       		    				
					    						    						    							    								    							    							    							    							      				      			       		    				
					    						    						    							    								    							    							    							    							      				      			       		    				
					    						    						    							    								    							    							    							    							      				      			       		    				
					    						    						    							    								    							    							    							    							      				      			       		    				
					    						    						    							    								    							    							    							    							      				      			       		       		    		    			    				    				
					    						    						    							    								    							    							    							    							      				      			       		       		    		    			    				    				
					    						    						    							    								    							    							    							    							      				      			       		    				
					    						    						    							    								    							    							    							    							      				      			       		       		    									<link href="//www.cnbc.com/skinjoin?skins=2017%2F03%2F23%2Fcnbc-global.28_20_42_6.css?vn=1518129302|2016%2F04%2F05%2Fright-rail-source-hide_0.css?vn=1460493679|2016%2F05%2F11%2Fhide-feedback.css?vn=1463760405|2016%2F08%2F22%2Fcnbc_nav_skin_8.css?vn=1495142212|2016%2F12%2F30%2Fportfolios-nav-hide.css?vn=1483140728|2017%2F01%2F05%2Ftp_cursor_fix.css?vn=1483638002|2017%2F03%2F07%2Flisticle_fix.css?vn=1489599224|2017%2F07%2F13%2Fcreator-override-fix.css?vn=1499985483|2013%2F07%2F30%2Ftable-fix.1.css?vn=1460487064|2017%2F03%2F06%2Fcommentary-ribbon.2.css?vn=1488840100|2017%2F04%2F07%2Ffeatured-bullets-padding.css?vn=1491592638&preview=" rel="stylesheet">
			
                <!-- End of Styles from skin -->
                
        <script type="text/javascript">
            var postLoadFunctions = {};
            var foresee_enabled = 1
            var dynamic_yield_enabled = 1
                    </script>
        
        
                <link itemprop="url" rel="canonical" href="https://www.breakingviews.com/considered-view/harvey-intensifies-brewing-flood-insurance-storm/" />
        
        
                <!-- comScore Identifier: comscorekw=Finance -->
<script type="text/javascript">
	CNBC_Comscore = 'Finance';
</script>
        <!-- MPS insert_head -->
         	
	<script>
		var mpscall = {
						'site' : 'cnbc.com-relaunch'  ,  

					'content_id' : '104679114'  ,  

					'path' : '/id/104679114'  ,  

					'is_content' : '1'  ,  

					'is_sponsored' : '0'  ,  

					'adunits' : 'Top Banner|Badge A|Badge B|Badge C|Badge D|Flex Ad First|Box Ad 1|Non Iframe Custom|Inline Custom|Movable Box Ad|Responsive Rectangle'  ,  

					'keywords' : '~'  ,  

					'cat' : 'Finance|Insurance'  ,  

					'cag[configuration_franchise]' : 'Insurance'  ,  

					'cag[attribution_source]' : 'Breakingviews'  ,  

					'cag[related_primary]' : 'Personal Finance|Insurance|Transportation|Natural Disasters|Commentary|Catastrophe|Donald Trump'  ,  

					'cag[related_related]' : 'Investing|Stock Picks|NYSE'  ,  

					'cag[type_franchise]' : 'Insurance|Personal Finance|Insurance|Transportation|Natural Disasters|Investing|Commentary|Catastrophe|Stock Picks|NYSE'  ,  

					'cag[type_source]' : 'Breakingviews'  ,  

					'cag[type_person]' : 'Donald Trump'  ,  

					'cag[brand]' : 'none'  ,  

					'cag[template]' : 'story_simple'  ,  

					'cag[device]' : 'web'  ,  

					'hline' : 'Insurance'  ,  

					'type' : 'partnerstory'  ,  

					'template' : 'story_simple'  ,  

					'title' : 'Hurricane Harvey intensifies brewing flood-insurance crisis'  ,  

					'pubdate' : '1504028054'  ,  

					'stitle' : 'Hurricane Harvey Commentary BREAKINGVIEWS 170829 EC'  ,  

					'subtype' : 'section'  ,  

					'id' : '104679114'  ,  

					'nid' : '104679114'  

		
		}, mpsopts = {
		  
		"host" : 'mps.cnbc.com',
		"updatecorrelator" : true

		};

		var mps = mps || {};
		mps._ext = mps._ext || {};
		mps._adsheld = [];
		mps._queue = mps._queue || {};
		mps._queue.mpsloaded = mps._queue.mpsloaded || [];
		mps._queue.mpsinit = mps._queue.mpsinit || [];
		mps._queue.gptloaded = mps._queue.gptloaded || [];
		mps._queue.adload = mps._queue.adload || [];
		mps._queue.adclone = mps._queue.adclone || [];
		mps._queue.adview = mps._queue.adview || [];
		mps._queue.refreshads = mps._queue.refreshads || [];
		mps.__timer = Date.now ? Date.now() : (function() { return +new Date })();
		mps.__intcode = "v2";
		if (typeof mps.getAd != "function") mps.getAd = function(adunit) {
		    if (typeof adunit != "string") return false;
		    var slotid = "mps-getad-" + adunit.replace(/\W/g, "");
		    if (!mps._ext || !mps._ext.loaded) {
		        mps._queue.gptloaded.push(function() {
		            typeof mps._gptfirst == "function" && mps._gptfirst(adunit, slotid);
		            mps.insertAd("#" + slotid, adunit)
		        });
		        mps._adsheld.push(adunit)
		    }
		    return '<div id="' + slotid + '" class="mps-wrapper" data-mps-fill-slot="' + adunit + '"></div>'
		};
		(function() {
		    head = document.head || document.getElementsByTagName("head")[0], mpsload = document.createElement("script");
		    mpsload.src = "//" + mpsopts.host + "/fetch/ext/load-" + mpscall.site + ".js?nowrite=2";
		    mpsload.id = "mps-load";
		    head.insertBefore(mpsload, head.firstChild)
		})();

	</script>
		
	




        <!-- end of MPS insert_head -->

        <!-- Global insert_head -->
        <!-- MPS Global Head Insert BEGIN -->
<meta name="referrer" content="unsafe-url">
<link rel='apple-touch-icon' href='//fm.cnbc.com/applications/cnbc.com/staticcontent/img/mobile/touch/cnbc-logo-sharing-57.jpg' /> <link rel='apple-touch-icon' sizes='72x72' href='//fm.cnbc.com/applications/cnbc.com/staticcontent/img/mobile/touch/cnbc-logo-sharing-72.jpg' /> <link rel='apple-touch-icon' sizes='114x114' href='//fm.cnbc.com/applications/cnbc.com/staticcontent/img/mobile/touch/cnbc-logo-sharing-114.jpg' />
<!-- MPS Global Head Insert END -->
        <!-- MPS ASYNC Application Component - Desktop Insert HEAD BEGIN -->
<script type="text/javascript">
window.NREUM||(NREUM={}),__nr_require=function(t,e,n){function r(n){if(!e[n]){var o=e[n]={exports:{}};t[n][0].call(o.exports,function(e){var o=t[n][1][e];return r(o||e)},o,o.exports)}return e[n].exports}if("function"==typeof __nr_require)return __nr_require;for(var o=0;o<n.length;o++)r(n[o]);return r}({1:[function(t,e,n){function r(t){try{c.console&&console.log(t)}catch(e){}}var o,i=t("ee"),a=t(19),c={};try{o=localStorage.getItem("__nr_flags").split(","),console&&"function"==typeof console.log&&(c.console=!0,o.indexOf("dev")!==-1&&(c.dev=!0),o.indexOf("nr_dev")!==-1&&(c.nrDev=!0))}catch(s){}c.nrDev&&i.on("internal-error",function(t){r(t.stack)}),c.dev&&i.on("fn-err",function(t,e,n){r(n.stack)}),c.dev&&(r("NR AGENT IN DEVELOPMENT MODE"),r("flags: "+a(c,function(t,e){return t}).join(", ")))},{}],2:[function(t,e,n){function r(t,e,n,r,o){try{d?d-=1:i("err",[o||new UncaughtException(t,e,n)])}catch(c){try{i("ierr",[c,s.now(),!0])}catch(u){}}return"function"==typeof f&&f.apply(this,a(arguments))}function UncaughtException(t,e,n){this.message=t||"Uncaught error with no additional information",this.sourceURL=e,this.line=n}function o(t){i("err",[t,s.now()])}var i=t("handle"),a=t(20),c=t("ee"),s=t("loader"),f=window.onerror,u=!1,d=0;s.features.err=!0,t(1),window.onerror=r;try{throw new Error}catch(p){"stack"in p&&(t(12),t(11),"addEventListener"in window&&t(6),s.xhrWrappable&&t(13),u=!0)}c.on("fn-start",function(t,e,n){u&&(d+=1)}),c.on("fn-err",function(t,e,n){u&&(this.thrown=!0,o(n))}),c.on("fn-end",function(){u&&!this.thrown&&d>0&&(d-=1)}),c.on("internal-error",function(t){i("ierr",[t,s.now(),!0])})},{}],3:[function(t,e,n){t("loader").features.ins=!0},{}],4:[function(t,e,n){function r(){C++,M=y.hash,this[u]=b.now()}function o(){C--,y.hash!==M&&i(0,!0);var t=b.now();this[l]=~~this[l]+t-this[u],this[d]=t}function i(t,e){E.emit("newURL",[""+y,e])}function a(t,e){t.on(e,function(){this[e]=b.now()})}var c="-start",s="-end",f="-body",u="fn"+c,d="fn"+s,p="cb"+c,h="cb"+s,l="jsTime",m="fetch",v="addEventListener",w=window,y=w.location,b=t("loader");if(w[v]&&b.xhrWrappable){var g=t(9),x=t(10),E=t(8),O=t(6),R=t(12),P=t(7),T=t(13),S=t("ee"),N=S.get("tracer");t(14),b.features.spa=!0;var M,j=w[v],C=0;S.on(u,r),S.on(p,r),S.on(d,o),S.on(h,o),S.buffer([u,d,"xhr-done","xhr-resolved"]),O.buffer([u]),R.buffer(["setTimeout"+s,"clearTimeout"+c,u]),T.buffer([u,"new-xhr","send-xhr"+c]),P.buffer([m+c,m+"-done",m+f+c,m+f+s]),E.buffer(["newURL"]),g.buffer([u]),x.buffer(["propagate",p,h,"executor-err","resolve"+c]),N.buffer([u,"no-"+u]),a(T,"send-xhr"+c),a(S,"xhr-resolved"),a(S,"xhr-done"),a(P,m+c),a(P,m+"-done"),E.on("pushState-end",i),E.on("replaceState-end",i),j("hashchange",i,!0),j("load",i,!0),j("popstate",function(){i(0,C>1)},!0)}},{}],5:[function(t,e,n){function r(t){}if(window.performance&&window.performance.timing&&window.performance.getEntriesByType){var o=t("ee"),i=t("handle"),a=t(12),c=t(11),s="learResourceTimings",f="addEventListener",u="resourcetimingbufferfull",d="bstResource",p="resource",h="-start",l="-end",m="fn"+h,v="fn"+l,w="bstTimer",y="pushState",b=t("loader");b.features.stn=!0,t(8);var g=NREUM.o.EV;o.on(m,function(t,e){var n=t[0];n instanceof g&&(this.bstStart=b.now())}),o.on(v,function(t,e){var n=t[0];n instanceof g&&i("bst",[n,e,this.bstStart,b.now()])}),a.on(m,function(t,e,n){this.bstStart=b.now(),this.bstType=n}),a.on(v,function(t,e){i(w,[e,this.bstStart,b.now(),this.bstType])}),c.on(m,function(){this.bstStart=b.now()}),c.on(v,function(t,e){i(w,[e,this.bstStart,b.now(),"requestAnimationFrame"])}),o.on(y+h,function(t){this.time=b.now(),this.startPath=location.pathname+location.hash}),o.on(y+l,function(t){i("bstHist",[location.pathname+location.hash,this.startPath,this.time])}),f in window.performance&&(window.performance["c"+s]?window.performance[f](u,function(t){i(d,[window.performance.getEntriesByType(p)]),window.performance["c"+s]()},!1):window.performance[f]("webkit"+u,function(t){i(d,[window.performance.getEntriesByType(p)]),window.performance["webkitC"+s]()},!1)),document[f]("scroll",r,{passive:!0}),document[f]("keypress",r,!1),document[f]("click",r,!1)}},{}],6:[function(t,e,n){function r(t){for(var e=t;e&&!e.hasOwnProperty(u);)e=Object.getPrototypeOf(e);e&&o(e)}function o(t){c.inPlace(t,[u,d],"-",i)}function i(t,e){return t[1]}var a=t("ee").get("events"),c=t(22)(a,!0),s=t("gos"),f=XMLHttpRequest,u="addEventListener",d="removeEventListener";e.exports=a,"getPrototypeOf"in Object?(r(document),r(window),r(f.prototype)):f.prototype.hasOwnProperty(u)&&(o(window),o(f.prototype)),a.on(u+"-start",function(t,e){var n=t[1],r=s(n,"nr@wrapped",function(){function t(){if("function"==typeof n.handleEvent)return n.handleEvent.apply(n,arguments)}var e={object:t,"function":n}[typeof n];return e?c(e,"fn-",null,e.name||"anonymous"):n});this.wrapped=t[1]=r}),a.on(d+"-start",function(t){t[1]=this.wrapped||t[1]})},{}],7:[function(t,e,n){function r(t,e,n){var r=t[e];"function"==typeof r&&(t[e]=function(){var t=r.apply(this,arguments);return o.emit(n+"start",arguments,t),t.then(function(e){return o.emit(n+"end",[null,e],t),e},function(e){throw o.emit(n+"end",[e],t),e})})}var o=t("ee").get("fetch"),i=t(19);e.exports=o;var a=window,c="fetch-",s=c+"body-",f=["arrayBuffer","blob","json","text","formData"],u=a.Request,d=a.Response,p=a.fetch,h="prototype";u&&d&&p&&(i(f,function(t,e){r(u[h],e,s),r(d[h],e,s)}),r(a,"fetch",c),o.on(c+"end",function(t,e){var n=this;e?e.clone().arrayBuffer().then(function(t){n.rxSize=t.byteLength,o.emit(c+"done",[null,e],n)}):o.emit(c+"done",[t],n)}))},{}],8:[function(t,e,n){var r=t("ee").get("history"),o=t(22)(r);e.exports=r,o.inPlace(window.history,["pushState","replaceState"],"-")},{}],9:[function(t,e,n){var r=t("ee").get("mutation"),o=t(22)(r),i=NREUM.o.MO;e.exports=r,i&&(window.MutationObserver=function(t){return this instanceof i?new i(o(t,"fn-")):i.apply(this,arguments)},MutationObserver.prototype=i.prototype)},{}],10:[function(t,e,n){function r(t){var e=a.context(),n=c(t,"executor-",e),r=new f(n);return a.context(r).getCtx=function(){return e},a.emit("new-promise",[r,e],e),r}function o(t,e){return e}var i=t(22),a=t("ee").get("promise"),c=i(a),s=t(19),f=NREUM.o.PR;e.exports=a,f&&(window.Promise=r,["all","race"].forEach(function(t){var e=f[t];f[t]=function(n){function r(t){return function(){a.emit("propagate",[null,!o],i),o=o||!t}}var o=!1;s(n,function(e,n){Promise.resolve(n).then(r("all"===t),r(!1))});var i=e.apply(f,arguments),c=f.resolve(i);return c}}),["resolve","reject"].forEach(function(t){var e=f[t];f[t]=function(t){var n=e.apply(f,arguments);return t!==n&&a.emit("propagate",[t,!0],n),n}}),f.prototype["catch"]=function(t){return this.then(null,t)},f.prototype=Object.create(f.prototype,{constructor:{value:r}}),s(Object.getOwnPropertyNames(f),function(t,e){try{r[e]=f[e]}catch(n){}}),a.on("executor-start",function(t){t[0]=c(t[0],"resolve-",this),t[1]=c(t[1],"resolve-",this)}),a.on("executor-err",function(t,e,n){t[1](n)}),c.inPlace(f.prototype,["then"],"then-",o),a.on("then-start",function(t,e){this.promise=e,t[0]=c(t[0],"cb-",this),t[1]=c(t[1],"cb-",this)}),a.on("then-end",function(t,e,n){this.nextPromise=n;var r=this.promise;a.emit("propagate",[r,!0],n)}),a.on("cb-end",function(t,e,n){a.emit("propagate",[n,!0],this.nextPromise)}),a.on("propagate",function(t,e,n){this.getCtx&&!e||(this.getCtx=function(){if(t instanceof Promise)var e=a.context(t);return e&&e.getCtx?e.getCtx():this})}),r.toString=function(){return""+f})},{}],11:[function(t,e,n){var r=t("ee").get("raf"),o=t(22)(r),i="equestAnimationFrame";e.exports=r,o.inPlace(window,["r"+i,"mozR"+i,"webkitR"+i,"msR"+i],"raf-"),r.on("raf-start",function(t){t[0]=o(t[0],"fn-")})},{}],12:[function(t,e,n){function r(t,e,n){t[0]=a(t[0],"fn-",null,n)}function o(t,e,n){this.method=n,this.timerDuration=isNaN(t[1])?0:+t[1],t[0]=a(t[0],"fn-",this,n)}var i=t("ee").get("timer"),a=t(22)(i),c="setTimeout",s="setInterval",f="clearTimeout",u="-start",d="-";e.exports=i,a.inPlace(window,[c,"setImmediate"],c+d),a.inPlace(window,[s],s+d),a.inPlace(window,[f,"clearImmediate"],f+d),i.on(s+u,r),i.on(c+u,o)},{}],13:[function(t,e,n){function r(t,e){d.inPlace(e,["onreadystatechange"],"fn-",c)}function o(){var t=this,e=u.context(t);t.readyState>3&&!e.resolved&&(e.resolved=!0,u.emit("xhr-resolved",[],t)),d.inPlace(t,y,"fn-",c)}function i(t){b.push(t),l&&(x?x.then(a):v?v(a):(E=-E,O.data=E))}function a(){for(var t=0;t<b.length;t++)r([],b[t]);b.length&&(b=[])}function c(t,e){return e}function s(t,e){for(var n in t)e[n]=t[n];return e}t(6);var f=t("ee"),u=f.get("xhr"),d=t(22)(u),p=NREUM.o,h=p.XHR,l=p.MO,m=p.PR,v=p.SI,w="readystatechange",y=["onload","onerror","onabort","onloadstart","onloadend","onprogress","ontimeout"],b=[];e.exports=u;var g=window.XMLHttpRequest=function(t){var e=new h(t);try{u.emit("new-xhr",[e],e),e.addEventListener(w,o,!1)}catch(n){try{u.emit("internal-error",[n])}catch(r){}}return e};if(s(h,g),g.prototype=h.prototype,d.inPlace(g.prototype,["open","send"],"-xhr-",c),u.on("send-xhr-start",function(t,e){r(t,e),i(e)}),u.on("open-xhr-start",r),l){var x=m&&m.resolve();if(!v&&!m){var E=1,O=document.createTextNode(E);new l(a).observe(O,{characterData:!0})}}else f.on("fn-end",function(t){t[0]&&t[0].type===w||a()})},{}],14:[function(t,e,n){function r(t){var e=this.params,n=this.metrics;if(!this.ended){this.ended=!0;for(var r=0;r<d;r++)t.removeEventListener(u[r],this.listener,!1);if(!e.aborted){if(n.duration=a.now()-this.startTime,4===t.readyState){e.status=t.status;var i=o(t,this.lastSize);if(i&&(n.rxSize=i),this.sameOrigin){var s=t.getResponseHeader("X-NewRelic-App-Data");s&&(e.cat=s.split(", ").pop())}}else e.status=0;n.cbTime=this.cbTime,f.emit("xhr-done",[t],t),c("xhr",[e,n,this.startTime])}}}function o(t,e){var n=t.responseType;if("json"===n&&null!==e)return e;var r="arraybuffer"===n||"blob"===n||"json"===n?t.response:t.responseText;return l(r)}function i(t,e){var n=s(e),r=t.params;r.host=n.hostname+":"+n.port,r.pathname=n.pathname,t.sameOrigin=n.sameOrigin}var a=t("loader");if(a.xhrWrappable){var c=t("handle"),s=t(15),f=t("ee"),u=["load","error","abort","timeout"],d=u.length,p=t("id"),h=t(18),l=t(17),m=window.XMLHttpRequest;a.features.xhr=!0,t(13),f.on("new-xhr",function(t){var e=this;e.totalCbs=0,e.called=0,e.cbTime=0,e.end=r,e.ended=!1,e.xhrGuids={},e.lastSize=null,h&&(h>34||h<10)||window.opera||t.addEventListener("progress",function(t){e.lastSize=t.loaded},!1)}),f.on("open-xhr-start",function(t){this.params={method:t[0]},i(this,t[1]),this.metrics={}}),f.on("open-xhr-end",function(t,e){"loader_config"in NREUM&&"xpid"in NREUM.loader_config&&this.sameOrigin&&e.setRequestHeader("X-NewRelic-ID",NREUM.loader_config.xpid)}),f.on("send-xhr-start",function(t,e){var n=this.metrics,r=t[0],o=this;if(n&&r){var i=l(r);i&&(n.txSize=i)}this.startTime=a.now(),this.listener=function(t){try{"abort"===t.type&&(o.params.aborted=!0),("load"!==t.type||o.called===o.totalCbs&&(o.onloadCalled||"function"!=typeof e.onload))&&o.end(e)}catch(n){try{f.emit("internal-error",[n])}catch(r){}}};for(var c=0;c<d;c++)e.addEventListener(u[c],this.listener,!1)}),f.on("xhr-cb-time",function(t,e,n){this.cbTime+=t,e?this.onloadCalled=!0:this.called+=1,this.called!==this.totalCbs||!this.onloadCalled&&"function"==typeof n.onload||this.end(n)}),f.on("xhr-load-added",function(t,e){var n=""+p(t)+!!e;this.xhrGuids&&!this.xhrGuids[n]&&(this.xhrGuids[n]=!0,this.totalCbs+=1)}),f.on("xhr-load-removed",function(t,e){var n=""+p(t)+!!e;this.xhrGuids&&this.xhrGuids[n]&&(delete this.xhrGuids[n],this.totalCbs-=1)}),f.on("addEventListener-end",function(t,e){e instanceof m&&"load"===t[0]&&f.emit("xhr-load-added",[t[1],t[2]],e)}),f.on("removeEventListener-end",function(t,e){e instanceof m&&"load"===t[0]&&f.emit("xhr-load-removed",[t[1],t[2]],e)}),f.on("fn-start",function(t,e,n){e instanceof m&&("onload"===n&&(this.onload=!0),("load"===(t[0]&&t[0].type)||this.onload)&&(this.xhrCbStart=a.now()))}),f.on("fn-end",function(t,e){this.xhrCbStart&&f.emit("xhr-cb-time",[a.now()-this.xhrCbStart,this.onload,e],e)})}},{}],15:[function(t,e,n){e.exports=function(t){var e=document.createElement("a"),n=window.location,r={};e.href=t,r.port=e.port;var o=e.href.split("://");!r.port&&o[1]&&(r.port=o[1].split("/")[0].split("@").pop().split(":")[1]),r.port&&"0"!==r.port||(r.port="https"===o[0]?"443":"80"),r.hostname=e.hostname||n.hostname,r.pathname=e.pathname,r.protocol=o[0],"/"!==r.pathname.charAt(0)&&(r.pathname="/"+r.pathname);var i=!e.protocol||":"===e.protocol||e.protocol===n.protocol,a=e.hostname===document.domain&&e.port===n.port;return r.sameOrigin=i&&(!e.hostname||a),r}},{}],16:[function(t,e,n){function r(){}function o(t,e,n){return function(){return i(t,[f.now()].concat(c(arguments)),e?null:this,n),e?void 0:this}}var i=t("handle"),a=t(19),c=t(20),s=t("ee").get("tracer"),f=t("loader"),u=NREUM;"undefined"==typeof window.newrelic&&(newrelic=u);var d=["setPageViewName","setCustomAttribute","setErrorHandler","finished","addToTrace","inlineHit","addRelease"],p="api-",h=p+"ixn-";a(d,function(t,e){u[e]=o(p+e,!0,"api")}),u.addPageAction=o(p+"addPageAction",!0),u.setCurrentRouteName=o(p+"routeName",!0),e.exports=newrelic,u.interaction=function(){return(new r).get()};var l=r.prototype={createTracer:function(t,e){var n={},r=this,o="function"==typeof e;return i(h+"tracer",[f.now(),t,n],r),function(){if(s.emit((o?"":"no-")+"fn-start",[f.now(),r,o],n),o)try{return e.apply(this,arguments)}finally{s.emit("fn-end",[f.now()],n)}}}};a("setName,setAttribute,save,ignore,onEnd,getContext,end,get".split(","),function(t,e){l[e]=o(h+e)}),newrelic.noticeError=function(t){"string"==typeof t&&(t=new Error(t)),i("err",[t,f.now()])}},{}],17:[function(t,e,n){e.exports=function(t){if("string"==typeof t&&t.length)return t.length;if("object"==typeof t){if("undefined"!=typeof ArrayBuffer&&t instanceof ArrayBuffer&&t.byteLength)return t.byteLength;if("undefined"!=typeof Blob&&t instanceof Blob&&t.size)return t.size;if(!("undefined"!=typeof FormData&&t instanceof FormData))try{return JSON.stringify(t).length}catch(e){return}}}},{}],18:[function(t,e,n){var r=0,o=navigator.userAgent.match(/Firefox[/s](d+.d+)/);o&&(r=+o[1]),e.exports=r},{}],19:[function(t,e,n){function r(t,e){var n=[],r="",i=0;for(r in t)o.call(t,r)&&(n[i]=e(r,t[r]),i+=1);return n}var o=Object.prototype.hasOwnProperty;e.exports=r},{}],20:[function(t,e,n){function r(t,e,n){e||(e=0),"undefined"==typeof n&&(n=t?t.length:0);for(var r=-1,o=n-e||0,i=Array(o<0?0:o);++r<o;)i[r]=t[e+r];return i}e.exports=r},{}],21:[function(t,e,n){e.exports={exists:"undefined"!=typeof window.performance&&window.performance.timing&&"undefined"!=typeof window.performance.timing.navigationStart}},{}],22:[function(t,e,n){function r(t){return!(t&&t instanceof Function&&t.apply&&!t[a])}var o=t("ee"),i=t(20),a="nr@original",c=Object.prototype.hasOwnProperty,s=!1;e.exports=function(t,e){function n(t,e,n,o){function nrWrapper(){var r,a,c,s;try{a=this,r=i(arguments),c="function"==typeof n?n(r,a):n||{}}catch(f){p([f,"",[r,a,o],c])}u(e+"start",[r,a,o],c);try{return s=t.apply(a,r)}catch(d){throw u(e+"err",[r,a,d],c),d}finally{u(e+"end",[r,a,s],c)}}return r(t)?t:(e||(e=""),nrWrapper[a]=t,d(t,nrWrapper),nrWrapper)}function f(t,e,o,i){o||(o="");var a,c,s,f="-"===o.charAt(0);for(s=0;s<e.length;s++)c=e[s],a=t[c],r(a)||(t[c]=n(a,f?c+o:o,i,c))}function u(n,r,o){if(!s||e){var i=s;s=!0;try{t.emit(n,r,o,e)}catch(a){p([a,n,r,o])}s=i}}function d(t,e){if(Object.defineProperty&&Object.keys)try{var n=Object.keys(t);return n.forEach(function(n){Object.defineProperty(e,n,{get:function(){return t[n]},set:function(e){return t[n]=e,e}})}),e}catch(r){p([r])}for(var o in t)c.call(t,o)&&(e[o]=t[o]);return e}function p(e){try{t.emit("internal-error",e)}catch(n){}}return t||(t=o),n.inPlace=f,n.flag=a,n}},{}],ee:[function(t,e,n){function r(){}function o(t){function e(t){return t&&t instanceof r?t:t?s(t,c,i):i()}function n(n,r,o,i){if(!p.aborted||i){t&&t(n,r,o);for(var a=e(o),c=l(n),s=c.length,f=0;f<s;f++)c[f].apply(a,r);var d=u[y[n]];return d&&d.push([b,n,r,a]),a}}function h(t,e){w[t]=l(t).concat(e)}function l(t){return w[t]||[]}function m(t){return d[t]=d[t]||o(n)}function v(t,e){f(t,function(t,n){e=e||"feature",y[n]=e,e in u||(u[e]=[])})}var w={},y={},b={on:h,emit:n,get:m,listeners:l,context:e,buffer:v,abort:a,aborted:!1};return b}function i(){return new r}function a(){(u.api||u.feature)&&(p.aborted=!0,u=p.backlog={})}var c="nr@context",s=t("gos"),f=t(19),u={},d={},p=e.exports=o();p.backlog=u},{}],gos:[function(t,e,n){function r(t,e,n){if(o.call(t,e))return t[e];var r=n();if(Object.defineProperty&&Object.keys)try{return Object.defineProperty(t,e,{value:r,writable:!0,enumerable:!1}),r}catch(i){}return t[e]=r,r}var o=Object.prototype.hasOwnProperty;e.exports=r},{}],handle:[function(t,e,n){function r(t,e,n,r){o.buffer([t],r),o.emit(t,e,n)}var o=t("ee").get("handle");e.exports=r,r.ee=o},{}],id:[function(t,e,n){function r(t){var e=typeof t;return!t||"object"!==e&&"function"!==e?-1:t===window?0:a(t,i,function(){return o++})}var o=1,i="nr@id",a=t("gos");e.exports=r},{}],loader:[function(t,e,n){function r(){if(!x++){var t=g.info=NREUM.info,e=p.getElementsByTagName("script")[0];if(setTimeout(u.abort,3e4),!(t&&t.licenseKey&&t.applicationID&&e))return u.abort();f(y,function(e,n){t[e]||(t[e]=n)}),s("mark",["onload",a()+g.offset],null,"api");var n=p.createElement("script");n.src="https://"+t.agent,e.parentNode.insertBefore(n,e)}}function o(){"complete"===p.readyState&&i()}function i(){s("mark",["domContent",a()+g.offset],null,"api")}function a(){return E.exists&&performance.now?Math.round(performance.now()):(c=Math.max((new Date).getTime(),c))-g.offset}var c=(new Date).getTime(),s=t("handle"),f=t(19),u=t("ee"),d=window,p=d.document,h="addEventListener",l="attachEvent",m=d.XMLHttpRequest,v=m&&m.prototype;NREUM.o={ST:setTimeout,SI:d.setImmediate,CT:clearTimeout,XHR:m,REQ:d.Request,EV:d.Event,PR:d.Promise,MO:d.MutationObserver};var w=""+location,y={beacon:"bam.nr-data.net",errorBeacon:"bam.nr-data.net",agent:"js-agent.newrelic.com/nr-spa-1039.min.js"},b=m&&v&&v[h]&&!/CriOS/.test(navigator.userAgent),g=e.exports={offset:c,now:a,origin:w,features:{},xhrWrappable:b};t(16),p[h]?(p[h]("DOMContentLoaded",i,!1),d[h]("load",r,!1)):(p[l]("onreadystatechange",o),d[l]("onload",r)),s("mark",["firstbyte",c],null,"api");var x=0,E=t(21)},{}]},{},["loader",2,14,5,3,4]);
;NREUM.info={beacon:"bam.nr-data.net",errorBeacon:"bam.nr-data.net",licenseKey:"356631dc7f",applicationID:"22258555",sa:1}
</script>
<script type="text/javascript">
var admantx_url =
document.addEventListener("DOMContentLoaded", function(event) {
  mps._queue.mpsloaded.push(function(){
    mps._log('**** LOADED: cnbc-cms-header-insert');
    if (window.mps) {
        if (window.CNBC_Premium && CNBC_Premium.isPremium && document.cookie.indexOf('ispro=true') == -1 && (mps.pagevars.type!="franchise")) {
          mps.nlformtypes = mps.nlformtypes || [];
          mps.nlformtypes.push('paywall');
        }

        //<!-- Omniture s_code path -->
        mps.scodePath="//fm.cnbc.com/applications/cnbc.com/staticcontent/scripts/omniture/s_code.js?v=1.6.4.1";
        //<!-- end: Omniture s_code path -->

        //<!-- Google PII Fix BEGIN -->
        mps._queue.mpsinit.push(function() {
          (function(){
            mps._urlContainsEmail = function() {
              var _qs = window.location.href;
              if (!_qs) {
                return false;
              }
              var _regex = /([^=&/<>()[].,;:s@"]+(.[^=&/<>()[].,;:s@"]+)*)@(([[0-9]{1,3}.[0-9]{1,3}.[0-9]{1,3}.[0-9]{1,3}])|(([a-zA-Z-0-9]+.)+[a-zA-Z]{2,}))/;
              return _regex.test(_qs);
            };
            if (mps._urlContainsEmail()) {
              mps._debug('[MPS]: email address detected in url, bypass gpt.');
              if (mps.response && mps.response.dart && typeof(mps.response.dart.adunits) === 'object') {
                if (typeof(window._mpspixZ) != 'string') {
                  window._mpspixZ = (function(a){var b="abcdefghiklmnopqrstuvwxyz".split("");a||(a=Math.floor(Math.random()*b.length));for(var c="",d=0;d<a;d++)c+=b[Math.floor(Math.random()*b.length)];return c})(12)
                }
                for (var i in mps.response.dart.adunits) {
                  var pixelurl = ((document.location.protocol === 'https') ? 'https' : 'http') + '://pix.nbcuni.com/a-pii.gif?X=piiblock&S=' + mps.pagevars.instance + '&P=' + mps.pagevars.mpsid + '&A=' + i + '&U=' + encodeURIComponent(window.location.href) + '&_=' + window._mpspixZ;
                  mps.response.dart.adunits[i].data = '<img id="div-gpt-x-0" class="mps-slot" data-mps-slot="x" data-mps-loadset="0" style="width:0;height:0;margin:0;padding:0;border:0;display:none;" src="' + pixelurl + '"/>';
                }
              }
              mps.cloneAd = function() { return false; }
              return true;
            } else {
              return false;
            }
          })();
        });
        //<!-- Google PII Fix END -->
   }
 });
});
</script>

<!-- Piano Ad Block Detection: BEGIN -->
<script>
    var setAdblockerCookie = function(adblocker) {
        var d = new Date();
        d.setTime(d.getTime() + 60 * 60 * 24 * 30 * 1000);
        document.cookie = "__adblocker=" + (adblocker ? "true" : "false") + "; expires=" + d.toUTCString() + "; path=/";
    }
    var script = document.createElement("script");
    script.setAttribute("async", true);
    script.setAttribute("src", "//www.npttech.com/advertising.js");
    script.setAttribute("onerror", "setAdblockerCookie(true);");
    script.setAttribute("onload", "setAdblockerCookie(false);");
    document.getElementsByTagName("head")[0].appendChild(script);
</script>
<!-- Piano Ad Block Detection: END -->
<!-- ADmantX Head Insert Begin -->
<script>
    var admantx_url = ('https:'==document.location.protocol?'https:':'http:')+'//usasync01.admantx.com/admantx/service?request=' + escape('{"decorator":"template.nbc_template","key":"62263fff3cc1d07f85c7f8261a0c8f7dc096b35f59c82a713f20a9db8d562ff2","method":"descriptor","filter":"default","mode":"async","type":"URL","body":"' + escape(document.location.href) + '"}');

    function admantx_callback(data) {
        if (top.__nbcudigitaladops_inject && top.__nbcudigitaladops_inject.dtprm) {
            if (data && data.admants) {
                if (data.status == "OK") {
                    for (var x = 0; x < data.admants.length; x++) {
                        var kv = 'adg=' + data.admants[x] + ';';
                        top.__nbcudigitaladops_inject.dtprm(kv)
                    }
                } else {
                    top.__nbcudigitaladops_inject.dtprm("asg=othererror;")
                }
            }
        }
    }
    (function() {
        var sct = document.createElement('script');
        sct.src = admantx_url;
        sct.type = 'text/javascript';
        sct.async = 'true';
        var domel = document.getElementsByTagName('script')[0];
        domel.parentNode.insertBefore(sct, domel);
    })();
</script>
<!-- ADmantX Head Insert End -->
<!-- Universal Player Compatibility for IE11 BEGIN -->
<script>
  if(typeof window.MediaSource !== 'function') {
    if(typeof document.getElementsByTagName('meta')['tp:PreferredRuntimes'] === 'object') {
        document.getElementsByTagName('meta')['tp:PreferredRuntimes'].setAttribute("content", "flash,html5");
    }
}
</script>
<!-- Universal Player Compatibility for IE11 END -->
<!-- MPS ASYNC Application Component - Desktop Insert HEAD END -->
        <!-- End Global insert_head -->
                
    <script  type="text/javascript" src= "//www.cnbc.com/staticContent/showads.js"></script>

    
    
    <!-- <script  type="text/javascript" src= "//www.cnbc.com/staticContent/showads.js"></script> -->
    </head>
    <body id="page_story_simple" class='web cnbc large  '>
         
         
        

        
<div class="dart_wrapper dart_ads_noniframe_noniframecustom  badge-ad" id="dart_wrapper_noniframecustom">
	<script>
	var mps=mps||{}; mps._queue=mps._queue||{}; mps._queue.gptloaded=mps._queue.gptloaded||[];
	mps._queue.gptloaded.push(function() {
	  (mps && mps.insertAd && mps.insertAd('#dart_wrapper_noniframecustom', 'noniframecustom'));	
	});
	</script> 
</div>
        <!-- begin mps section -->
        
        <!-- end mps section -->

        <!-- BEGIN FRAME -->
            
            <div id="cnbc-contents" class="cnbc-contents">
                
                                                        
                
                                                                                
                    
                                                                                                                
                    <!--BEGIN HEADER -->
<!--for different templates--><!--for different templates--><header id="cnbc-new-header" class=""><div class="main-header"><div class="header-content"><a href="//www.cnbc.com"><img id="cnbc-logo" src="//sc.cnbcfm.com/applications/cnbc.com/staticcontent/img/cnbc-hdr-logo2.png" width="189" height="49" title="CNBC" alt="CNBC" /></a><div class="symbol-search"><div class="input-container"><input placeholder="Search Quotes, News &amp; Video"><span class="lookup"><a class="btn-lookup" href="javascript:void(0)"><i class="fa fa-search fa-2"></i></a></span><span class="close-search"><a class="btn-lookup-close" href="javascript:void(0)"><i class="fa fa-times fa-2"></i></a></span></div><div class="lookup-results hide"><ul class="lookup-list"></ul></div></div><div class="ad">
<div class="dart_wrapper dart_ads_noniframe_badgea  badge-ad" id="dart_wrapper_badgea">
	<script>
	var mps=mps||{}; mps._queue=mps._queue||{}; mps._queue.gptloaded=mps._queue.gptloaded||[];
	mps._queue.gptloaded.push(function() {
	  (mps && mps.insertAd && mps.insertAd('#dart_wrapper_badgea', 'badgea'));	
	});
	</script> 
</div></div><div class="promo_heavy_container"><div id="promo_100009896_heavy_container" class="promo_heavy_container"></div></div></div></div><div class="main-header-nav"><div class="header-nav-content"><nav class="cnbc-menu">












<script type="text/javascript">window.cnbc = window.cnbc || {};window.cnbc.config = window.cnbc.config || {};window.cnbc.config.product = "web";window.cnbc.config.isWeekendMode = false;</script><a id="sm-logo" href="//www.cnbc.com"><img src="//sc.cnbcfm.com/applications/cnbc.com/staticcontent/img/cnbc-hdr-logo2.png" width="123"></a><ul id="nav"><li class="site-set"><a href="//www.cnbc.com/" class="nav-home" data-onclick="#"><span class="homeLabel">HOME</span><span class="icon arrow-down"><i class="fa fa-chevron-down fa-1"></i></span></a><ul class="home-geo-container"><li>EDITION</li></ul></li>	<li class="news"><a data-trkNavAttr="navigation:news:news:104679114" href="//www.cnbc.com/us-news/" class="expandable">News</a><ul>	<li ><a data-trkNavAttr="navigation:news:economy:104679114" href="//www.cnbc.com/economy/">Economy</a></li>
	<li ><a data-trkNavAttr="navigation:news:finance:104679114" href="//www.cnbc.com/finance/">Finance</a></li>
	<li ><a data-trkNavAttr="navigation:news:healthcare:104679114" href="//www.cnbc.com/health-care/">Health Care</a></li>
	<li ><a data-trkNavAttr="navigation:news:realestate:104679114" href="//www.cnbc.com/real-estate/">Real Estate</a></li>
	<li ><a data-trkNavAttr="navigation:news:wealth:104679114" href="//www.cnbc.com/wealth/">Wealth</a></li>
	<li ><a data-trkNavAttr="navigation:news:autos:104679114" href="//www.cnbc.com/autos/">Autos</a></li>
	<li ><a data-trkNavAttr="navigation:news:earnings:104679114" href="//www.cnbc.com/earnings/">Earnings</a></li>
	<li ><a data-trkNavAttr="navigation:news:energy:104679114" href="//www.cnbc.com/energy/">Energy</a></li>
	<li ><a data-trkNavAttr="navigation:news:news-life:104679114" href="//www.cnbc.com/life/">Life</a></li>
	<li ><a data-trkNavAttr="navigation:news:media:104679114" href="//www.cnbc.com/media/">Media</a></li>
	<li ><a data-trkNavAttr="navigation:news:politics:104679114" href="//www.cnbc.com/politics/">Politics</a></li>
	<li ><a data-trkNavAttr="navigation:news:retail:104679114" href="//www.cnbc.com/retail/">Retail</a></li>
	<li ><a data-trkNavAttr="navigation:news:commentary:104679114" href="//www.cnbc.com/commentary/">Commentary</a></li>
	<li ><a data-trkNavAttr="navigation:news:specialreports:104679114" href="//www.cnbc.com/special-reports/">Special Reports</a></li>
	<li ><a data-trkNavAttr="navigation:news:asia:104679114" href="//www.cnbc.com/asia-news/">Asia</a></li>
	<li ><a data-trkNavAttr="navigation:news:europe:104679114" href="//www.cnbc.com/europe-news/">Europe</a></li>
	<li ><a data-trkNavAttr="navigation:news:cfo-council:104679114" href="//www.cnbc.com/global-cfo-council/">CFO Council</a></li>
</ul></li>
	<li class="markets"><a data-trkNavAttr="navigation:markets:markets:104679114" href="//www.cnbc.com/markets/" class="expandable">Markets</a><ul>	<li ><a data-trkNavAttr="navigation:markets:premarkets:104679114" href="//www.cnbc.com/pre-markets/">Pre-Markets</a></li>
	<li ><a data-trkNavAttr="navigation:markets:us:104679114" href="//www.cnbc.com/us-markets/">U.S.</a></li>
	<li ><a data-trkNavAttr="navigation:markets:asia:104679114" href="//www.cnbc.com/markets-asia-pacific/">Asia</a></li>
	<li ><a data-trkNavAttr="navigation:markets:europe:104679114" href="//www.cnbc.com/markets-europe/">Europe</a></li>
	<li ><a data-trkNavAttr="navigation:markets:stocks:104679114" href="//www.cnbc.com/stocks/">Stocks</a></li>
	<li ><a data-trkNavAttr="navigation:markets:commodities:104679114" href="//www.cnbc.com/commodities/">Commodities</a></li>
	<li ><a data-trkNavAttr="navigation:markets:currencies:104679114" href="//www.cnbc.com/currencies/">Currencies</a></li>
	<li ><a data-trkNavAttr="navigation:markets:bonds:104679114" href="//www.cnbc.com/bonds/">Bonds</a></li>
	<li ><a data-trkNavAttr="navigation:markets:funds:104679114" href="//www.cnbc.com/mutual-funds/">Funds</a></li>
	<li ><a data-trkNavAttr="navigation:markets:etfs:104679114" href="//www.cnbc.com/exchange-traded-funds/">ETFs</a></li>
</ul></li>
	<li class="investing"><a data-trkNavAttr="navigation:investing:investing:104679114" href="//www.cnbc.com/investing/" class="expandable">Investing</a><ul>	<li ><a data-trkNavAttr="navigation:investing:tradingnation:104679114" href="//www.cnbc.com/trading-nation/">Trading Nation</a></li>
	<li ><a data-trkNavAttr="navigation:investing:tradingtalk:104679114" href="//www.cnbc.com/trader-talk/">Trader Talk</a></li>
	<li ><a data-trkNavAttr="navigation:investing:financialadvisors:104679114" href="//www.cnbc.com/financial-advisors/">Financial Advisors</a></li>
	<li ><a data-trkNavAttr="navigation:investing:personalfinance:104679114" href="//www.cnbc.com/personal-finance/">Personal Finance</a></li>
	<li ><a data-trkNavAttr="navigation:investing:etf-street:104679114" href="//www.cnbc.com/etf-street/">Etf Street</a></li>
	<li ><a data-trkNavAttr="navigation:investing:portfolio:104679114" href="http://portfolio.cnbc.com/">Portfolio</a></li>
	<li ><a data-trkNavAttr="navigation:investing:watchlist:104679114" href="//watchlist.cnbc.com/">Watchlist</a></li>
	<li ><a data-trkNavAttr="navigation:investing:stockscreener:104679114" href="//www.cnbc.com/id/15839076">Stock Screener</a></li>
	<li ><a data-trkNavAttr="navigation:investing:fundscreener:104679114" href="//www.cnbc.com/id/15839074">Fund Screener</a></li>
</ul></li>
	<li class="tech"><a data-trkNavAttr="navigation:tech:tech:104679114" href="//www.cnbc.com/technology/" class="expandable">Tech</a><ul>	<li ><a data-trkNavAttr="navigation:tech:mobile:104679114" href="//www.cnbc.com/mobile/">Mobile</a></li>
	<li ><a data-trkNavAttr="navigation:tech:socialmedia:104679114" href="//www.cnbc.com/social-media/">Social Media</a></li>
	<li ><a data-trkNavAttr="navigation:tech:enterprise:104679114" href="//www.cnbc.com/enterprise/">Enterprise</a></li>
	<li ><a data-trkNavAttr="navigation:tech:gaming:104679114" href="//www.cnbc.com/gaming/">Gaming</a></li>
	<li ><a data-trkNavAttr="navigation:tech:cybersecurity:104679114" href="//www.cnbc.com/cybersecurity/">Cybersecurity</a></li>
	<li ><a data-trkNavAttr="navigation:tech:tech-guide:104679114" href="//www.cnbc.com/tech-guide/">Tech Guide</a></li>
</ul></li>
	<li class="makeit"><a data-trkNavAttr="navigation:makeit:makeit:104679114" href="//www.cnbc.com/make-it/" class="expandable">Make It</a><ul>	<li ><a data-trkNavAttr="navigation:makeit:entrepreneurs:104679114" href="//www.cnbc.com/make-it/entrepreneurs/">Entrepreneurs</a></li>
	<li ><a data-trkNavAttr="navigation:makeit:leadership:104679114" href="//www.cnbc.com/make-it/leadership/">Leadership</a></li>
	<li ><a data-trkNavAttr="navigation:makeit:careers:104679114" href="//www.cnbc.com/make-it/careers/">Careers</a></li>
	<li ><a data-trkNavAttr="navigation:makeit:money:104679114" href="//www.cnbc.com/make-it/money/">Money</a></li>
	<li ><a data-trkNavAttr="navigation:makeit:specials:104679114" href="//www.cnbc.com/make-it/special-reports/">Specials</a></li>
	<li ><a data-trkNavAttr="navigation:makeit:primetime:104679114" href="//www.cnbc.com/make-it/shows/">Primetime</a></li>
</ul></li>
	<li class="video"><a data-trkNavAttr="navigation:video:video:104679114" href="//www.cnbc.com/video/" class="expandable">Video</a><ul>	<li ><a data-trkNavAttr="navigation:video:topvideo:104679114" href="//www.cnbc.com/top-video/">Top Video</a></li>
	<li ><a data-trkNavAttr="navigation:video:latestvideo:104679114" href="//www.cnbc.com/video-all/">Latest Video</a></li>
	<li ><a data-trkNavAttr="navigation:video:usvideo:104679114" href="//www.cnbc.com/us-video/">U.S. Video</a></li>
	<li ><a data-trkNavAttr="navigation:video:asiavideo:104679114" href="//www.cnbc.com/asia-video/">Asia Video</a></li>
	<li ><a data-trkNavAttr="navigation:video:europevideo:104679114" href="//www.cnbc.com/europe-video/">Europe Video</a></li>
	<li ><a data-trkNavAttr="navigation:video:ceointerviews:104679114" href="//www.cnbc.com/video-ceo-interviews/">CEO Interviews</a></li>
	<li ><a data-trkNavAttr="navigation:video:analystinterviews:104679114" href="//www.cnbc.com/video-analyst-interviews/">Analyst Interviews</a></li>
	<li ><a data-trkNavAttr="navigation:video:fullepisodes:104679114" href="http://www.cnbc.com/live-tv/">Full Episodes</a></li>
</ul></li>
	<li class="shows"><a data-trkNavAttr="navigation:shows:shows:104679114" href="//www.cnbc.com/tv-worldwide/" class="expandable">Shows</a><ul>	<li ><a data-trkNavAttr="navigation:shows:watchlive:104679114" href="http://www.cnbc.com/live-tv/">Watch Live</a></li>
	<li ><a data-trkNavAttr="navigation:shows:cnbcus:104679114" href="//www.cnbc.com/tv-worldwide/">CNBC U.S. Business Day</a></li>
	<li ><a data-trkNavAttr="navigation:shows:cnbcusprime:104679114" href="//www.cnbc.com/make-it/shows/">CNBC U.S. Primetime</a></li>
	<li ><a data-trkNavAttr="navigation:shows:cnbcasiapacific:104679114" href="//www.cnbc.com/asia-business-day/">CNBC Asia-Pacific</a></li>
	<li ><a data-trkNavAttr="navigation:shows:cnbceurope:104679114" href="//www.cnbc.com/europe-television/">CNBC Europe</a></li>
	<li ><a data-trkNavAttr="navigation:shows:cnbcworld:104679114" href="//www.cnbc.com/global-television-shows/">CNBC World</a></li>
	<li ><a data-trkNavAttr="navigation:shows:fullepisodes:104679114" href="http://www.cnbc.com/live-tv/">Full Episodes</a></li>
</ul></li>
<li class="more"><div id="hamburger" class="hamburger-menu"><span></span><span></span><span></span></div><a href="javascript:void(0)" class="singleton">More</a><div class="more-container"><div class="more-nav grid"><div class="grid-cell cell1"><div class="grid-col"><ul class="more-mobile-login more"><ul class="log-info unreg-user more"><li id="mobile-signin"><a href="//www.cnbc.com/application/generic/?action=signin">Log In</a></li><li class="pipe"><span>|</span></li><li id="mobile-signup" class="cnbcRegister"><a href="//www.cnbc.com/application/generic/?action=signup">Register</a></li></ul><ul class="log-info reg-user more hide"><li id="mobile-logout"><a href="javascript:void(0);">Log Out</a></li></ul></ul><ul class="more-news more"><li class="header"><a data-trkNavAttr="navigation:more:news:104679114" href="//www.cnbc.com/us-news/" class="expandable">News</a></li><li class="sub-nav-menu"><ul class="more">																	<li class="economy">
		<a href="//www.cnbc.com/economy/"  data-trkNavAttr="navigation:more:economy:104679114">
			Economy
					</a>
	</li>
																	<li class="finance">
		<a href="//www.cnbc.com/finance/"  data-trkNavAttr="navigation:more:finance:104679114">
			Finance
					</a>
	</li>
																	<li class="healthcare">
		<a href="//www.cnbc.com/health-care/"  data-trkNavAttr="navigation:more:healthcare:104679114">
			Health Care
					</a>
	</li>
																	<li class="realestate">
		<a href="//www.cnbc.com/real-estate/"  data-trkNavAttr="navigation:more:realestate:104679114">
			Real Estate
					</a>
	</li>
																	<li class="wealth">
		<a href="//www.cnbc.com/wealth/"  data-trkNavAttr="navigation:more:wealth:104679114">
			Wealth
					</a>
	</li>
																	<li class="autos">
		<a href="//www.cnbc.com/autos/"  data-trkNavAttr="navigation:more:autos:104679114">
			Autos
					</a>
	</li>
																	<li class="news-consumer">
		<a href="//www.cnbc.com/consumers/"  data-trkNavAttr="navigation:more:news-consumer:104679114">
			Consumer
					</a>
	</li>
																	<li class="earnings">
		<a href="//www.cnbc.com/earnings/"  data-trkNavAttr="navigation:more:earnings:104679114">
			Earnings
					</a>
	</li>
																	<li class="energy">
		<a href="//www.cnbc.com/energy/"  data-trkNavAttr="navigation:more:energy:104679114">
			Energy
					</a>
	</li>
																	<li class="news-life">
		<a href="//www.cnbc.com/life/"  data-trkNavAttr="navigation:more:news-life:104679114">
			Life
					</a>
	</li>
																	<li class="media">
		<a href="//www.cnbc.com/media/"  data-trkNavAttr="navigation:more:media:104679114">
			Media
					</a>
	</li>
																	<li class="politics">
		<a href="//www.cnbc.com/politics/"  data-trkNavAttr="navigation:more:politics:104679114">
			Politics
					</a>
	</li>
																	<li class="retail">
		<a href="//www.cnbc.com/retail/"  data-trkNavAttr="navigation:more:retail:104679114">
			Retail
					</a>
	</li>
																	<li class="commentary">
		<a href="//www.cnbc.com/commentary/"  data-trkNavAttr="navigation:more:commentary:104679114">
			Commentary
					</a>
	</li>
																	<li class="specialreports">
		<a href="//www.cnbc.com/special-reports/"  data-trkNavAttr="navigation:more:specialreports:104679114">
			Special Reports
					</a>
	</li>
																	<li class="asia">
		<a href="//www.cnbc.com/asia-news/"  data-trkNavAttr="navigation:more:asia:104679114">
			Asia
					</a>
	</li>
																	<li class="europe">
		<a href="//www.cnbc.com/europe-news/"  data-trkNavAttr="navigation:more:europe:104679114">
			Europe
					</a>
	</li>
																	<li class="cfo-council">
		<a href="//www.cnbc.com/global-cfo-council/"  data-trkNavAttr="navigation:more:cfo-council:104679114">
			CFO Council
					</a>
	</li>
</ul></li></ul></div><div class="grid-col"><ul class="more-pro more"><li class="header"><a data-trkNavAttr="navigation:more:pro:104679114" href="//www.cnbc.com/pro" class="expandable">Pro</a></li><li class="sub-nav-menu"><ul class="more">																	<li class="viewall">
		<a href="//www.cnbc.com/pro"  data-trkNavAttr="navigation:more:viewall:104679114">
			View All
					</a>
	</li>
																	<li class="pro_franchise">
		<a href="//www.cnbc.com/pro-story"  data-trkNavAttr="navigation:more:pro_franchise:104679114">
			News & Analysis
					</a>
	</li>
																	<li class="provideo">
		<a href="//www.cnbc.com/pro-video"  data-trkNavAttr="navigation:more:provideo:104679114">
			Video
					</a>
	</li>
																	<li class="protalks">
		<a href="//www.cnbc.com/protalks"  data-trkNavAttr="navigation:more:protalks:104679114">
			PRO Talks
					</a>
	</li>
																	<li class="prouncut">
		<a href="//www.cnbc.com/pro-uncut"  data-trkNavAttr="navigation:more:prouncut:104679114">
			PRO Uncut
					</a>
	</li>
																	<li class="kensho">
		<a href="//www.cnbc.com/kensho"  data-trkNavAttr="navigation:more:kensho:104679114">
			Kensho Stats
					</a>
	</li>
														<li class="take_tour">
		<a href="javascript:void(0)" id="pro-tour" >
			Take a Tour
					</a>
	</li>
																	<li class="subscribe2">
		<a href="//www.cnbc.com/application/pro"  data-trkNavAttr="navigation:more:subscribe2:104679114">
			Subscribe
					</a>
	</li>
</ul></li></ul><ul class="more-markets more"><li class="header"><a data-trkNavAttr="navigation:more:markets:104679114" href="//www.cnbc.com/markets/" class="expandable">Markets</a></li><li class="sub-nav-menu"><ul class="more">																	<li class="premarkets">
		<a href="//www.cnbc.com/pre-markets/"  data-trkNavAttr="navigation:more:premarkets:104679114">
			Pre-Markets
					</a>
	</li>
																	<li class="us">
		<a href="//www.cnbc.com/us-markets/"  data-trkNavAttr="navigation:more:us:104679114">
			U.S.
					</a>
	</li>
																	<li class="asia">
		<a href="//www.cnbc.com/markets-asia-pacific/"  data-trkNavAttr="navigation:more:asia:104679114">
			Asia
					</a>
	</li>
																	<li class="europe">
		<a href="//www.cnbc.com/markets-europe/"  data-trkNavAttr="navigation:more:europe:104679114">
			Europe
					</a>
	</li>
																	<li class="stocks">
		<a href="//www.cnbc.com/stocks/"  data-trkNavAttr="navigation:more:stocks:104679114">
			Stocks
					</a>
	</li>
																	<li class="commodities">
		<a href="//www.cnbc.com/commodities/"  data-trkNavAttr="navigation:more:commodities:104679114">
			Commodities
					</a>
	</li>
																	<li class="currencies">
		<a href="//www.cnbc.com/currencies/"  data-trkNavAttr="navigation:more:currencies:104679114">
			Currencies
					</a>
	</li>
																	<li class="bonds">
		<a href="//www.cnbc.com/bonds/"  data-trkNavAttr="navigation:more:bonds:104679114">
			Bonds
					</a>
	</li>
																	<li class="funds">
		<a href="//www.cnbc.com/mutual-funds/"  data-trkNavAttr="navigation:more:funds:104679114">
			Funds
					</a>
	</li>
																	<li class="etfs">
		<a href="//www.cnbc.com/exchange-traded-funds/"  data-trkNavAttr="navigation:more:etfs:104679114">
			ETFs
					</a>
	</li>
</ul></li></ul></div><div class="grid-col"><ul class="more-makeit more"><li class="header"><a data-trkNavAttr="navigation:more:makeit:104679114" href="//www.cnbc.com/make-it/" class="expandable">Make It</a></li><li class="sub-nav-menu"><ul class="more">																	<li class="entrepreneurs">
		<a href="//www.cnbc.com/make-it/entrepreneurs/"  data-trkNavAttr="navigation:more:entrepreneurs:104679114">
			Entrepreneurs
					</a>
	</li>
																	<li class="leadership">
		<a href="//www.cnbc.com/make-it/leadership/"  data-trkNavAttr="navigation:more:leadership:104679114">
			Leadership
					</a>
	</li>
																	<li class="careers">
		<a href="//www.cnbc.com/make-it/careers/"  data-trkNavAttr="navigation:more:careers:104679114">
			Careers
					</a>
	</li>
																	<li class="money">
		<a href="//www.cnbc.com/make-it/money/"  data-trkNavAttr="navigation:more:money:104679114">
			Money
					</a>
	</li>
																	<li class="specials">
		<a href="//www.cnbc.com/make-it/special-reports/"  data-trkNavAttr="navigation:more:specials:104679114">
			Specials
					</a>
	</li>
																	<li class="primetime">
		<a href="//www.cnbc.com/make-it/shows/"  data-trkNavAttr="navigation:more:primetime:104679114">
			Primetime
					</a>
	</li>
</ul></li></ul><ul class="more-investing more"><li class="header"><a data-trkNavAttr="navigation:more:investing:104679114" href="//www.cnbc.com/investing/" class="expandable">Investing</a></li><li class="sub-nav-menu"><ul class="more">																	<li class="tradingnation">
		<a href="//www.cnbc.com/trading-nation/"  data-trkNavAttr="navigation:more:tradingnation:104679114">
			Trading Nation
					</a>
	</li>
																	<li class="tradingtalk">
		<a href="//www.cnbc.com/trader-talk/"  data-trkNavAttr="navigation:more:tradingtalk:104679114">
			Trader Talk
					</a>
	</li>
																	<li class="financialadvisors">
		<a href="//www.cnbc.com/financial-advisors/"  data-trkNavAttr="navigation:more:financialadvisors:104679114">
			Financial Advisors
					</a>
	</li>
																	<li class="personalfinance">
		<a href="//www.cnbc.com/personal-finance/"  data-trkNavAttr="navigation:more:personalfinance:104679114">
			Personal Finance
					</a>
	</li>
																	<li class="etf-street">
		<a href="//www.cnbc.com/etf-street/"  data-trkNavAttr="navigation:more:etf-street:104679114">
			Etf Street
					</a>
	</li>
																	<li class="portfolio">
		<a href="http://portfolio.cnbc.com/"  data-trkNavAttr="navigation:more:portfolio:104679114">
			Portfolio
					</a>
	</li>
																	<li class="watchlist">
		<a href="//watchlist.cnbc.com/"  data-trkNavAttr="navigation:more:watchlist:104679114">
			Watchlist
					</a>
	</li>
																	<li class="stockscreener">
		<a href="//www.cnbc.com/id/15839076"  data-trkNavAttr="navigation:more:stockscreener:104679114">
			Stock Screener
					</a>
	</li>
																	<li class="fundscreener">
		<a href="//www.cnbc.com/id/15839074"  data-trkNavAttr="navigation:more:fundscreener:104679114">
			Fund Screener
					</a>
	</li>
</ul></li></ul></div></div><div class="grid-cell cell2"><div class="grid-col"><ul class="more-tech more"><li class="header"><a data-trkNavAttr="navigation:more:tech:104679114" href="//www.cnbc.com/technology/" class="expandable">Tech</a></li><li class="sub-nav-menu"><ul class="more">																	<li class="mobile">
		<a href="//www.cnbc.com/mobile/"  data-trkNavAttr="navigation:more:mobile:104679114">
			Mobile
					</a>
	</li>
																	<li class="socialmedia">
		<a href="//www.cnbc.com/social-media/"  data-trkNavAttr="navigation:more:socialmedia:104679114">
			Social Media
					</a>
	</li>
																	<li class="enterprise">
		<a href="//www.cnbc.com/enterprise/"  data-trkNavAttr="navigation:more:enterprise:104679114">
			Enterprise
					</a>
	</li>
																	<li class="gaming">
		<a href="//www.cnbc.com/gaming/"  data-trkNavAttr="navigation:more:gaming:104679114">
			Gaming
					</a>
	</li>
																	<li class="cybersecurity">
		<a href="//www.cnbc.com/cybersecurity/"  data-trkNavAttr="navigation:more:cybersecurity:104679114">
			Cybersecurity
					</a>
	</li>
																	<li class="tech-guide">
		<a href="//www.cnbc.com/tech-guide/"  data-trkNavAttr="navigation:more:tech-guide:104679114">
			Tech Guide
					</a>
	</li>
</ul></li></ul><ul class="more-video more"><li class="header"><a data-trkNavAttr="navigation:more:video:104679114" href="//www.cnbc.com/video/" class="expandable">Video</a></li><li class="sub-nav-menu"><ul class="more">																	<li class="topvideo">
		<a href="//www.cnbc.com/top-video/"  data-trkNavAttr="navigation:more:topvideo:104679114">
			Top Video
					</a>
	</li>
																	<li class="latestvideo">
		<a href="//www.cnbc.com/video-all/"  data-trkNavAttr="navigation:more:latestvideo:104679114">
			Latest Video
					</a>
	</li>
																	<li class="usvideo">
		<a href="//www.cnbc.com/us-video/"  data-trkNavAttr="navigation:more:usvideo:104679114">
			U.S. Video
					</a>
	</li>
																	<li class="asiavideo">
		<a href="//www.cnbc.com/asia-video/"  data-trkNavAttr="navigation:more:asiavideo:104679114">
			Asia Video
					</a>
	</li>
																	<li class="europevideo">
		<a href="//www.cnbc.com/europe-video/"  data-trkNavAttr="navigation:more:europevideo:104679114">
			Europe Video
					</a>
	</li>
																	<li class="ceointerviews">
		<a href="//www.cnbc.com/video-ceo-interviews/"  data-trkNavAttr="navigation:more:ceointerviews:104679114">
			CEO Interviews
					</a>
	</li>
																	<li class="analystinterviews">
		<a href="//www.cnbc.com/video-analyst-interviews/"  data-trkNavAttr="navigation:more:analystinterviews:104679114">
			Analyst Interviews
					</a>
	</li>
																	<li class="fullepisodes">
		<a href="http://www.cnbc.com/live-tv/"  data-trkNavAttr="navigation:more:fullepisodes:104679114">
			Full Episodes
					</a>
	</li>
</ul></li></ul></div><div class="grid-col"><ul class="more-shows more"><li class="header"><a data-trkNavAttr="navigation:more:shows:104679114" href="//www.cnbc.com/tv-worldwide/" class="expandable">Shows</a></li><li class="sub-nav-menu"><ul class="more">																	<li class="cnbcus">
		<a href="//www.cnbc.com/tv-worldwide/"  data-trkNavAttr="navigation:more:cnbcus:104679114">
			CNBC U.S. Business Day
					</a>
	</li>
																	<li class="cnbcusprime">
		<a href="//www.cnbc.com/make-it/shows/"  data-trkNavAttr="navigation:more:cnbcusprime:104679114">
			CNBC U.S. Primetime
					</a>
	</li>
																	<li class="cnbcasiapacific">
		<a href="//www.cnbc.com/asia-business-day/"  data-trkNavAttr="navigation:more:cnbcasiapacific:104679114">
			CNBC Asia-Pacific
					</a>
	</li>
																	<li class="cnbceurope">
		<a href="//www.cnbc.com/europe-television/"  data-trkNavAttr="navigation:more:cnbceurope:104679114">
			CNBC Europe
					</a>
	</li>
																	<li class="cnbcworld">
		<a href="//www.cnbc.com/global-television-shows/"  data-trkNavAttr="navigation:more:cnbcworld:104679114">
			CNBC World
					</a>
	</li>
</ul></li></ul><ul class="more-special-reports more"><li class="header"><a data-trkNavAttr="navigation:more:Special Reports:104679114" href="//www.cnbc.com/special-reports/" class="expandable">Special Reports</a></li><li class="sub-nav-menu"><ul class="more">																	<li class="modern-medicine">
		<a href="//www.cnbc.com/modern-medicine/"  data-trkNavAttr="navigation:more:Modern Medicine:104679114">
			Modern Medicine
					</a>
	</li>
																	<li class="investor-toolkit">
		<a href="//www.cnbc.com/investor-toolkit/"  data-trkNavAttr="navigation:more:Investor Toolkit:104679114">
			Investor Toolkit
					</a>
	</li>
																	<li class="global-investing-hot-spots">
		<a href="//www.cnbc.com/global-investing-hot-spots/"  data-trkNavAttr="navigation:more:Global Investing Hot Spots:104679114">
			Global Investing Hot Spots
					</a>
	</li>
																	<li class="healthy-returns">
		<a href="//www.cnbc.com/healthy-returns/"  data-trkNavAttr="navigation:more:Healthy Returns:104679114">
			Healthy Returns
					</a>
	</li>
																	<li class="your-money,-your-future">
		<a href="//www.cnbc.com/your-money-your-future/"  data-trkNavAttr="navigation:more:Your Money, Your Future:104679114">
			Your Money, Your Future
					</a>
	</li>
																	<li class="singapore-airshow">
		<a href="//www.cnbc.com/singapore-airshow-2018/"  data-trkNavAttr="navigation:more:Singapore Airshow:104679114">
			Singapore Airshow
					</a>
	</li>
																	<li class="along-the-belt-and-road">
		<a href="//www.cnbc.com/along-the-belt-and-road/"  data-trkNavAttr="navigation:more:Along the Belt and Road:104679114">
			Along the Belt and Road
					</a>
	</li>
																	<li class="trading-nation">
		<a href="//www.cnbc.com/trading-nation/"  data-trkNavAttr="navigation:more:Trading Nation:104679114">
			Trading Nation
					</a>
	</li>
</ul></li></ul></div><div class="grid-col"><ul class="more-original-series more"><li class="header"><span>Original Series</span></li><li class="sub-nav-menu"><ul class="more">																	<li class="executive-edge">
		<a href="//www.cnbc.com/executive-edge/"  data-trkNavAttr="navigation:more:Executive Edge:104679114">
			Executive Edge
					</a>
	</li>
																	<li class="trading-nation">
		<a href="//www.cnbc.com/trading-nation/"  data-trkNavAttr="navigation:more:Trading Nation:104679114">
			Trading Nation
					</a>
	</li>
																	<li class="futures-now">
		<a href="//www.cnbc.com/futures-now/"  data-trkNavAttr="navigation:more:Futures Now:104679114">
			Futures Now
					</a>
	</li>
																	<li class="retire-well">
		<a href="//www.cnbc.com/retirewell/"  data-trkNavAttr="navigation:more:Retire Well:104679114">
			Retire Well
					</a>
	</li>
																	<li class="the-pulse-@-1-market">
		<a href="//www.cnbc.com/the-pulse/"  data-trkNavAttr="navigation:more:The Pulse @ 1 Market:104679114">
			The Pulse @ 1 Market
					</a>
	</li>
																	<li class="the-bottom-line">
		<a href="//www.cnbc.com/the-bottom-line/"  data-trkNavAttr="navigation:more:The Bottom Line:104679114">
			The Bottom Line
					</a>
	</li>
</ul></li></ul><ul class="more-cnbc-events more"><li class="header"><span>CNBC Events</span></li><li class="sub-nav-menu"><ul class="more">																	<li class="healthy-returns social ">
		<a href="https://www.cnbc.com/2017/11/08/healthy-returns.html"  data-trkNavAttr="navigation:more:Healthy Returns:104679114">
			Healthy Returns
							<i class="webresource"></i>
					</a>
	</li>
																	<li class="davos">
		<a href="//www.cnbc.com/davos-world-economic-forum/"  data-trkNavAttr="navigation:more:Davos:104679114">
			Davos
					</a>
	</li>
																	<li class="delivering-alpha">
		<a href="//www.cnbc.com/delivering-alpha-ii/"  data-trkNavAttr="navigation:more:Delivering Alpha:104679114">
			Delivering Alpha
					</a>
	</li>
																	<li class="cambridge-cyber-summit">
		<a href="//www.cnbc.com/securing-our-future/"  data-trkNavAttr="navigation:more:Cambridge Cyber Summit:104679114">
			Cambridge Cyber Summit
					</a>
	</li>
																	<li class="emerge-americas">
		<a href="//www.cnbc.com/emerge-americas/"  data-trkNavAttr="navigation:more:eMerge Americas:104679114">
			eMerge Americas
					</a>
	</li>
																	<li class="iconic-tour">
		<a href="//www.cnbc.com/iconic-conference/"  data-trkNavAttr="navigation:more:iCONIC Tour:104679114">
			iCONIC Tour
					</a>
	</li>
																	<li class="net-net">
		<a href="//www.cnbc.com/netnet/"  data-trkNavAttr="navigation:more:Net Net:104679114">
			Net Net
					</a>
	</li>
																	<li class="sohn-conference">
		<a href="//www.cnbc.com/sohn/"  data-trkNavAttr="navigation:more:Sohn Conference:104679114">
			Sohn Conference
					</a>
	</li>
</ul></li></ul><ul class="more-follow-cnbc more"><li class="header"><span>Follow CNBC</span></li><li class="sub-nav-menu"><ul class="more">																	<li class=" social ">
		<a href="https://www.facebook.com/cnbc"  data-trkNavAttr="navigation:more::104679114">
			
							<i class="webresource    fa fa-facebook"></i>
					</a>
	</li>
																	<li class=" social ">
		<a href="https://twitter.com/cnbc"  data-trkNavAttr="navigation:more::104679114">
			
							<i class="webresource     fa fa-twitter"></i>
					</a>
	</li>
</ul></li></ul><ul class="more-internationalization more"><li class="site-set sub-nav-menu"><ul class=" more home-geo-container"><li class="header">EDITION</li></ul></li></ul><ul class="more-go-up more"><li class="go-up sub-nav-menu"><a href="javascript:void(0)"><i class="fa fa-chevron-circle-up fa-3"></i></a></li></ul></div></div></div></div></li></ul>
<div id="featured-menu-container"><div id="login-container"><ul class="log-info" id="unreg-user"><li class="iconContainer login expandable"><a href="javascript:void(0)" class="singleton"><i class="fa fa-user fa-2"></i></a><ul><li class="cnbcRegister"><a href="javascript:void(0);">Register</a></li><li><a id="signin" href="javascript:void(0);">Log In</a></li></ul></li></ul><ul id="reg-user" class="log-info hide"><li class="iconContainer login expandable"><a href="javascript:void(0)" class="singleton"><i class="fa fa-user fa-2"></i></a><ul class='registered'><li><a href="//www.cnbc.com/account#profile">Profile</a></li><li><a href="//www.cnbc.com/account#newsletter">Email Preferences</a></li><li class="link-pro-user"><a href="//www.cnbc.com/account#pro">PRO</a></li><li><a id="signout" href="javascript:void(0);">Sign Out</a></li></ul></li></ul></div><ul class="log-info"><li class="pro"><a data-trkNavAttr="navigation:pro:pro:104679114" href="//www.cnbc.com/pro" data-onclick="#" class="expandable">Pro</a><ul><li class="viewall"><a data-trkNavAttr="navigation:pro:viewall:104679114" href="/pro">View All</a></li><li class="pro_franchise"><a data-trkNavAttr="navigation:pro:pro_franchise:104679114" href="/pro-story">News & Analysis</a></li><li class="provideo"><a data-trkNavAttr="navigation:pro:provideo:104679114" href="/pro-video">Video</a></li><li class="protalks"><a data-trkNavAttr="navigation:pro:protalks:104679114" href="/protalks">PRO Talks</a></li><li class="prouncut"><a data-trkNavAttr="navigation:pro:prouncut:104679114" href="/pro-uncut">PRO Uncut</a></li><li class="kensho"><a data-trkNavAttr="navigation:pro:kensho:104679114" href="/kensho">Kensho Stats</a></li><li class="take_tour"><a href='javascript:void(0)' id="pro-tour">Take a Tour</a></li><li class="subscribe2"><a data-trkNavAttr="navigation:pro:subscribe2:104679114" href="/application/pro">Subscribe</a></li></ul></li><li class="livetv"><a data-trkNavAttr="navigation:livetv:livetv:104679114" href="javascript:void(0)" data-onclick="#" class="expandable">LIVE TV</a><ul><li class="watch-cnbc-tv"><a data-trkNavAttr="navigation:livetv:watch-cnbc-tv:104679114" href="http://www.cnbc.com/live-tv/">Watch CNBC TV</a></li><li class="watch-cnbc-pro"><a data-trkNavAttr="navigation:livetv:watch-cnbc-pro:104679114" href="//www.cnbc.com/application/pro">Watch CNBC Pro</a></li></ul></li><li class="watchlist"><a data-trkNavAttr="navigation:watchlist:watchlist:104679114" href="//watchlist.cnbc.com/"  class="singleton">Watchlist</a></li></ul></div><div id="quickLinks">	<a class="button" id="markets"  data-trkNavAttr="navigation:top:markets:104679114"  href="//www.cnbc.com/markets/"><i class="fa fa-markets"></i></a>
	<a class="button" id="video"  data-trkNavAttr="navigation:top:video:104679114"  href="//www.cnbc.com/video/"><i class="fa fa-video"></i></a>
	<a class="button" id="quotesearch"  href="javascript:void(0),"><i class="fa fa-quotesearch"></i></a>
</div></nav></div></div><!--might not need this for make it--><div id="toPopup"><div class="close"><a class="btn_header">X</a></div><div id="popup_content"></div><!--your content end--></div><!--toPopup end--><div id="backgroundPopup"></div><!--might not need this for make it--></header>
<!-- END HEADER -->

                
                

                
                    

                


                


                
                                                    	<div id='cnbc-alert-container-breaking-news' class="news-alert breaking-news hide" >
	<div class="content">
		<div class="news-alert-container">
							<div class="news-alert-title">
					<h2 class="headline">
						<a class="alert-banner" id="breaking-news-link">
							<span class="alert-title"></span>
							<span class='alert-headline'></span>
						</a>
					</h2>
				</div>
					<div class="alert-close-button" id="breaking-news-close-button">&times</div>
				<div style="clear:both;"></div>
					</div>
	</div>
</div>

                                	<div id='cnbc-alert-container-pro-alert' class="news-alert pro-alert hide"  style="display: none;" >
	<div class="content">
		<div class="news-alert-container">
							<div class="news-alert-title">
					<h2 class="headline">
						<a class="alert-banner" id="pro-alert-link">
							<span class="alert-title"></span>
							<span class='alert-headline'></span>
						</a>
					</h2>
				</div>
					<div class="alert-close-button" id="pro-alert-close-button">&times</div>
				<div style="clear:both;"></div>
					</div>
	</div>
</div>

                                	<div id='cnbc-alert-container-watch-live' class="news-alert watch-live hide"  style="display: none;" >
	<div class="content">
		<div class="news-alert-container">
							<div class="news-alert-title">
					<h2 class="headline">
						<a class="alert-banner" id="watch-live-link">
							<span class="alert-title"></span>
							<span class='alert-headline'></span>
						</a>
					</h2>
				</div>
					<div class="alert-close-button" id="watch-live-close-button">&times</div>
				<div style="clear:both;"></div>
					</div>
	</div>
</div>

                                	<div id='cnbc-alert-container-watch-live-international' class="news-alert watch-live-international hide"  style="display: none;" >
	<div class="content">
		<div class="news-alert-container">
							<div class="news-alert-title">
					<h2 class="headline">
						<a class="alert-banner" id="watch-live-international-link">
							<span class="alert-title"></span>
							<span class='alert-headline'></span>
						</a>
					</h2>
				</div>
					<div class="alert-close-button" id="watch-live-international-close-button">&times</div>
				<div style="clear:both;"></div>
					</div>
	</div>
</div>

                                    

                
                

                
                
                

                <div class="cnbc-body " itemscope itemtype="https://schema.org/NewsArticle">
                                                                                <!-- MPS iframe:ad -->
                    
  <!-- MPS iframe:ad -->
  
<div class="dart_wrapper dart_ads_noniframe_topbanner  badge-ad" id="dart_wrapper_topbanner">
	<script>
	var mps=mps||{}; mps._queue=mps._queue||{}; mps._queue.gptloaded=mps._queue.gptloaded||[];
	mps._queue.gptloaded.push(function() {
	  (mps && mps.insertAd && mps.insertAd('#dart_wrapper_topbanner', 'topbanner'));	
	});
	</script> 
</div>
  
  <!-- end of MPS iframe ad -->

                    
                    <!-- end of MPS iframe ad -->
                    
    
      
		<h2 class="cnbc-clearfix pagehead pageheadnav" id="page_header">
		 <div id="franchise-header-badge">
		
<div class="dart_wrapper dart_ads_noniframe_badgec  badge-ad" id="dart_wrapper_badgec">
	<script>
	var mps=mps||{}; mps._queue=mps._queue||{}; mps._queue.gptloaded=mps._queue.gptloaded||[];
	mps._queue.gptloaded.push(function() {
	  (mps && mps.insertAd && mps.insertAd('#dart_wrapper_badgec', 'badgec'));	
	});
	</script> 
</div>
	 </div>
									<a class="header_title last breadcrumb" href="/insurance/">Insurance</a>
		
					    			<div class="menu" id="pageHeadNav">
				<ul>
																		<li class="first">
								<a href="/finance/">Finance</a>
							</li>
																								<li class="">
								<a href="/banks/">Banks</a>
							</li>
																								<li class="">
								<a href="/investing/">Investing</a>
							</li>
																								<li class="">
								<a href="/wall-street/">Wall Street</a>
							</li>
																								<li class="">
								<a href="/hedge-funds/">Hedge Funds</a>
							</li>
																								<li class="">
								<a href="/mergers-and-acquisitions/">M&A</a>
							</li>
																								<li class=" selected">
								<a href="/insurance/">Insurance</a>
							</li>
																								<li class=" last">
								<a href="/venture-capital/">Venture Capital</a>
							</li>
																																								
				</ul>
			</div>
			</h2>

  
    <div class="story-top"><div  class="story-header-left twoCol"><h1 class="title" itemprop="name" >Hurricane Harvey intensifies brewing flood-insurance crisis</h1>
	<div class="source" itemprop="author" itemscope itemtype="https://schema.org/Person">
					<span itemprop="name">Gina Chon</span>
			</div>

	
	<time class="datestamp"  itemprop="datePublished" datetime="2017-08-29T13:34:14-0400">	  
		Published  1:34  PM ET Tue, 29 Aug 2017
	</time>
			<time class="datestamp last-pub-date"  itemprop="dateModified" datetime="2017-08-29T14:09:13-0400">
			Updated   2:09  PM ET Tue, 29 Aug 2017
		</time>
	<a href="https://www.breakingviews.com/" target="_blank"><span class="sourcelogo" id="sourcelogo-breakingviews" itemprop="sourceOrganization">Breakingviews</span></a></div><div class="story-header-right">
	<div>
		<div id="social_bar_top" class="gigyasharebar"></div>
		
			
	</div>
</div></div>
  
    
    <section class="cols2">
	    <div class="unit col1">
        
              

  
  
<article>
	<div class="story">
        		<div id="article_body" class="content">            

                                             
	




																
																	
			
							<div class="group-container last">
						
																							
			
			

			
																		

									
													
<div class="embed-container image" itemscope itemtype="https://schema.org/ImageObject">
			    	<img src="https://fm.cnbc.com/applications/cnbc.com/resources/img/editorial/2017/08/29/104679115-GettyImages-840260832.530x298.jpg?v=1504024369" alt="Houses and vehicles at the Highland Glen subdivision stand in floodwaters due to Hurricane Harvey in Spring, Texas, U.S., on Monday, Aug. 28, 2017." data-enlarged-image="https://fm.cnbc.com/applications/cnbc.com/resources/img/editorial/2017/08/29/104679115-GettyImages-840260832.1910x1000.jpg?v=1504024369" width='530' height='298'/>
    			<meta itemprop="image" content="https://fm.cnbc.com/applications/cnbc.com/resources/img/editorial/2017/08/29/104679115-GettyImages-840260832.jpg?v=1504024369" /><meta itemprop="width" content="width='530'" /><meta itemprop="height" content="height='298'" /><meta itemprop="datePublished" content="2017-08-29T12:32:49-0400" /><meta itemprop="dateCreated" content="2017-08-29T12:32:25-0400" /><meta itemprop="dateModified" content="2017-08-29T12:32:50-0400" /><meta itemprop="uploadDate" content="2017-08-29T12:32:25-0400" /><meta itemprop="expires" content="2099-12-31" /> <!-- TODO: defaulting to 2099 until we get the expiry date from toolbelt --><meta itemprop="encodingFormat" content="jpg" /><meta itemprop="author" content="Luke Sharrett | Bloomberg | Getty Images" /><meta itemprop="publisher" content="CNBC" /> <meta itemprop="caption" content="Houses and vehicles at the Highland Glen subdivision stand in floodwaters due to Hurricane Harvey in Spring, Texas, U.S., on Monday, Aug. 28, 2017." /> 
					<div class="attribution">Luke Sharrett | Bloomberg | Getty Images</div>
							<div class="caption">Houses and vehicles at the Highland Glen subdivision stand in floodwaters due to Hurricane Harvey in Spring, Texas, U.S., on Monday, Aug. 28, 2017.</div>
			</div>
	

									
			
			
														<div class="group" itemprop="articleBody">
																		<p>The impact of Hurricane Harvey intensifies an already brewing storm over U.S. federal flood insurance. The Texas disaster, which President <a href="/donald-trump/">Donald Trump</a> is seeing firsthand on Tuesday, will put the government coverage program, already $25 billion in debt, further under water. Among other snags, the subsidized backstop insurance encourages building in high-risk areas.</p>
															
																													
		

												    														<p>The National Flood Insurance Program, which is set to expire at the end of September, fell into debt after Hurricane Katrina in 2005 when it paid out $18 billion. Harvey could increase the red ink to $40 billion, according to U.S. lawmakers pushing for reform. That's not surprising, given the huge subsidies. The average annual NFIP premium was $878 in a recent ValuePenguin study, with coverage for a residence and its contents capped at $350,000. Private insurance can be cheaper in lower-risk areas but can cost as much as $14,000 in areas prone to regular flooding, according to the research.</p>
															
																										    														<p>The program also offers up to a 65 percent discount for about 20 percent of policyholders with older properties. The median value of an NFIP-insured home is twice that of a typical U.S. home, while vacation properties account for 25 percent of subsidized insurance policies, according to the Congressional Budget Office. More than 30,000 homes that have flooded multiple times have been rebuilt with the help of NFIP, according to the Natural Resources Defense Council – though they represent under 1 percent of the homes in the program.</p>
															
																						<div id="inline_movable_ad"></div>
																			    														<p><strong>More from <em>Breakingviews</em>:<br /></strong><a class="inline_asset" href="https://www.breakingviews.com/considered-view/ubers-new-ceo-choice-will-travel-well/">Uber's new CEO choice will travel well</a><br /> <a class="inline_asset" href="https://www.breakingviews.com/considered-view/an-estee-lauder-auction-would-get-juices-flowing/">An Estee Lauder auction would get juices flowing</a><br /> <a class="inline_asset" href="https://www.breakingviews.com/considered-view/these-retail-chains-can-resist-the-amazon-vortex/">These retail chains can resist the Amazon vortex</a></p>
															
																										    														<p>Congress phased out the lowest rates in 2012 but reinstated them two years later. Now lawmakers are facing another debate when they return to Washington next week, on legislation that would reauthorize the NFIP for five years. In exchange, it would limit or exclude coverage for high-risk properties and encourage more private insurers to participate in the market.</p>
															
																										    														<p>Some politicians argue that now is not the time for reforms. They are particularly worried about higher costs for constituents. But the Texas inundation is the ideal catalyst. The NFIP distorts the market. Moreover climate change, which some in the Trump administration refuse to recognize, is likely to make episodes of flooding worse. Almost 2 million homes worth nearly $900 billion are at risk of being underwater by 2100, according to Zillow. Lawmakers need to do some urgent repairs.</p>
															
																										    														<p><i>Commentary by Gina Chon, a Washington columist at Breakingviews. Follow her on Twitter <a class="inline_asset" href="https://twitter.com/ginachon" target="_self" title="https://twitter.com/ginachon">@GinaChon</a>.</i></p>
															
																										    														<p><b><i>For more insight from CNBC contributors, follow</i></b> <a class="inline_asset" href="http://www.twitter.com/CNBCopinion" target="_self">
<b>@CNBCopinion</b>
</a> <b><i>on Twitter.</i></b></p>
															
																										    																</div>
					</div>
	
            		</div>

         
        
        
		        

        <div id="taboola_article_you_may_like">
        <script>
    var mps=mps||{}; mps._queue=mps._queue||{}; mps._queue.mpsinit=mps._queue.mpsinit||[]; 
    mps._queue.mpsinit.push(function() { 
      mps.insertComponent('#taboola_article_you_may_like', 'taboola-article-you-may-like') 
    }); 
</script>
        </div>
    </div>
</article>




    
   

  
          <div><div id="social-tools-panel"></div></div>
      

  
              

  
          <div id="mps_article_insert_footer">
        <script>
    var mps=mps||{}; mps._queue=mps._queue||{}; mps._queue.mpsinit=mps._queue.mpsinit||[]; 
    mps._queue.mpsinit.push(function() { 
      mps.insertComponent('#mps_article_insert_footer', 'article-insert-footer') 
    }); 
</script>
      </div>
      

  
  
    		<div class="adcom_wrapper" id="ad-com-content-one">
		 <script>
    var mps=mps||{}; mps._queue=mps._queue||{}; mps._queue.mpsinit=mps._queue.mpsinit||[]; 
    mps._queue.mpsinit.push(function() { 
      mps.insertComponent('#ad-com-content-one', 'ad.com-content-one') 
    }); 
</script>
	</div>

  

  


  
          
		


	


      


      
  
		


	


  
  

  
				
					

  
  
  
  
</div>
	    <div class="unit col2">
			

    			

	


	
	<div class="sbc_wrapper" id="sbc-rightrail">
    <script>
    var mps=mps||{}; mps._queue=mps._queue||{}; mps._queue.mpsinit=mps._queue.mpsinit||[]; 
    mps._queue.mpsinit.push(function() { 
      mps.insertComponent('#sbc-rightrail', 'sbc-rightrail') 
    }); 
</script>
</div>
			
<div class="dart_wrapper dart_ads_noniframe_topflex  badge-ad" id="dart_wrapper_topflex">
	<script>
	var mps=mps||{}; mps._queue=mps._queue||{}; mps._queue.gptloaded=mps._queue.gptloaded||[];
	mps._queue.gptloaded.push(function() {
	  (mps && mps.insertAd && mps.insertAd('#dart_wrapper_topflex', 'topflex'));	
	});
	</script> 
</div>
				<div class="adcom_wrapper" id="ad-com-rightrail-top">
		 <script>
    var mps=mps||{}; mps._queue=mps._queue||{}; mps._queue.mpsinit=mps._queue.mpsinit||[]; 
    mps._queue.mpsinit.push(function() { 
      mps.insertComponent('#ad-com-rightrail-top', 'ad.com-rightrail-top') 
    }); 
</script>
	</div>

	
			<div id="prtnr_mod_stories"></div>
		<div id="prtnr_mod_money"></div>
			
			<div id="article-insert-sidebar">
		<script>
    var mps=mps||{}; mps._queue=mps._queue||{}; mps._queue.mpsinit=mps._queue.mpsinit||[]; 
    mps._queue.mpsinit.push(function() { 
      mps.insertComponent('#article-insert-sidebar', 'article-insert-sidebar') 
    }); 
</script>
		</div>
	

 

 


	

 	

 

 

 

 


	<!-- empty container to move promo medium here for xfinity experience page -->
	<div id="promo_medium_section_bottom"></div>


 


								
            
        	    	    	    	    		    		
    		
    			
                    			                <div class="widget">
					<div id="chartbeatWidget_102535788" class="chartbeat_data_module"></div>
	


	</div>
                    
    
			


			<div class="adcom_wrapper" id="ad-com-rightrail-bottom">
		 <script>
    var mps=mps||{}; mps._queue=mps._queue||{}; mps._queue.mpsinit=mps._queue.mpsinit||[]; 
    mps._queue.mpsinit.push(function() { 
      mps.insertComponent('#ad-com-rightrail-bottom', 'ad.com-rightrail-bottom') 
    }); 
</script>
	</div>

			<div id="movable_box_ad_target"></div>
	
	</div>
    </section>
    
    


                                        
                    
                                    </div>

                

                
                
                    

    
        						
        
                                    
        
        
        
                
        
                
        
        
		


                
                
                 
                
                    

                
                
					                                                                          <!-- BEGIN Footer -->
<footer class="cnbc-new-footer-res"><div class="sec-footer-wrapper" id="cnbc-footer-responsive" data-fragmentLazyLoad="true"><div class="sec-footer-container"><div class="sec-footer-links"><ul><li><div id="oba-link-container" style="display:inline;"></div></li></ul></div></div></div></footer>
<!-- END FOOTER -->

                
                
            </div>

            
                <div id="movable_box_ad_container" class="hide">
                    
<div class="dart_wrapper dart_ads_noniframe_movablebox  badge-ad" id="dart_wrapper_movablebox">
	<script>
	var mps=mps||{}; mps._queue=mps._queue||{}; mps._queue.gptloaded=mps._queue.gptloaded||[];
	mps._queue.gptloaded.push(function() {
	  (mps && mps.insertAd && mps.insertAd('#dart_wrapper_movablebox', 'movablebox'));	
	});
	</script> 
</div>
                </div>
            

        <!-- END FRAME -->
        
<script id="twitter-wjs" type="text/javascript" async defer src="//platform.twitter.com/widgets.js"></script>
        <script type="text/javascript">
            CNBC_Settings = {
    baseurls : {"register_base":"https://register.cnbc.com","login_base":"https://login.cnbc.com","show_schedule_service_base":"http://compass.cnbc.com/compass/xml/nextshow","cnbc_prod_urls":"pub.app20.cnbc.com|pub.app21.cnbc.com|pub.app22.cnbc.com|pub.app23.cnbc.com|pub.app24.cnbc.com|pub.app25.cnbc.com|pub.app26.cnbc.com|pub.app27.cnbc.com|pub.app28.cnbc.com","syndication_base":"http://syndication.cnbc.com/","bb_rhythmvideo_url_base":"rtsp://cnbc.rtsp.rnmd.net:554/adservice/","rhythm_siteid":"cnbc_web","optional_optin":"101","surf_base":"https://surf.nbcuni.com","pub_base_protocol_agnostic":"//www.cnbc.com","upLynk_service_base_url":"//vapi.cnbc.com/videoservice/getstream.do?partnerId=14","upLynk_default_live_channel":"UPLYNK-US","video_token_timestamp":"60","twitter_platform_base":"//platform.twitter.com","vapi_partner_service_base_url":"//vapi.cnbc.com/videoservice/getstream.do?partnerId=20071","php_vapi_service_base_url":"/services/phvapi?channel=","cnbc_base_secure":"https://www.cnbc.com","sc_base_protocol_agnostic":"//sc.cnbcfm.com","quoteservicebase":"//quote.cnbc.com/quote-html-webservice/quote.htm","chartbase":"//api-chart.cnbc.com/api/chart/chart.asp","cnbc_base":"//www.cnbc.com","static_content_base":"//sc.cnbcfm.com","ticker_base":"//ticker.cnbc.com","comments_base":"//comments.cnbc.com/comments","watchlist_base":"//watchlist.cnbc.com","detail_quote_base":"//www.cnbc.com/quotes/","symlookup_base":"//symlookup.cnbc.com","searchbase":"//search.cnbc.com/rs/search/view.html","itv_quote_url":"//quote.cnbc.com/quote-html-webservice/quote.htm?requestMethod=itv&exthrs=1&noform=1&fund=1&output=jsonp&&extendedMask=1&partnerId=2&symbols=","advanced_symlookup_URL":"//www.cnbc.com/id/15837272?q=","baseFeed":"//feed.theplatform.com/f/gZWlPC/CNBC_prod_global","poll_base":"https://www-aws.cnbc.com/services/polls","detailedquotebasenative":"//data.cnbc.com/quotes/","cnbcvideo_url_base":"//www.cnbc.com/video/","detailed_quote_base_http_only":"https://data.cnbc.com/quotes/","cnbcvideo_url_base_http_only":"https://www.cnbc.com/video/","cnbc_base_http_only":"https://www.cnbc.com","premium_video_feed":"//www.cnbc.com/id/46/services/premium/video/data?token=","wsod_api_base_url":"https://api-chart.cnbc.com","pro_base":"//www.cnbc.com/application/pro","detailedquotebase":"//www.cnbc.com/quotes/?symbol=","cnbc_base_host":"cnbc.com","theplatform_pdk_base":"//pdk.theplatform.com/5.7.15/pdk/tpPdk.js","amp_video_origin":"amp-video.cnbc.com","nid":101607972},
	wl360CoreServicesBaseUrl: 'https://wl.cnbc.com/wl/api/',
	wl360ResourceBundleUrl: 'https://register.cnbc.com/svc/api/message',
	wl360ResourceBundleAppKey: 'common_messages',
	wl360ServiceTimeout: 9000,
	wl360QuoteApiUrl: 'https://quote.cnbc.com/quote-html-webservice/',
	wl360EnableAddToWatchlist: '1',
	wl360PartnerId: 14,
	surf_key : 'cnbc',
	mobileQuotePageRefreshInterval: '900',
	mobileQuoteBlurRefreshInterval: '0',
	regionConfig: {"USA":{"edition":"USA","nid":"100746233","link":"/","name":"U.S. Edition", "msgName":"U.S.","mobileMsgName":"U.S.","mobileAlternate":"WORLD", "menuName":"U.S."},"WORLD":{"edition":"WORLD","nid":"100746255","link":"/id/100746255","name":"INTL Edition","msgName":"new international","mobileMsgName":"International","mobileAlternate":"USA", "menuName":"INTL"}},
	searchPartnerId: '2000',	
	chartbeat_service : '102527204',
	chartbeat_service_data : '',
	chartbeat_refresh_interval : '300',
	webQuotePageRefreshInterval: '600',
	webQuoteBlurRefreshInterval: '60',
	surf_on : 'on',
	templateName: 'story_simple',
	isNative: '',
	productName: 'web'
		,dockPlayer: '1'
			,video_gallery_config: {"double_tray_first_tray":"0","double_tray_all_trays":"0","sliding_tab":"1","is_universal_player":"1","full_episodes_links":"[{ 'fastmoney': { 'icon': 'icon-fast-money' ,'url': 'http://www.cnbc.com/live-tv/fast-money'},'madmoney': { 'icon': 'icon-mad-money' ,'url': 'http://www.cnbc.com/live-tv/mad-money'},'americangreed': { 'icon': 'icon-prime' ,'url': 'http://www.cnbc.com/live-tv/american-greed'},'cnbcoriginals': { 'icon': 'icon-prime'  ,'url': 'http://www.cnbc.com/live-tv/cnbc-originals'}, 'consumedtherealrestaurantbusiness': { 'icon': 'icon-prime'  ,'url': 'http://www.cnbc.com/live-tv/consumed-the-real-restaurant-business'}, 'restaurantstartup': { 'icon': 'icon-prime'  ,'url': 'http://www.cnbc.com/live-tv/restaurant-startup'}, 'secretlivesofthesuperrich': { 'icon': 'icon-prime'  ,'url': 'http://www.cnbc.com/live-tv/secret-lives-of-the-super-rich'}, 'sharktank': { 'icon': 'icon-prime'  ,'url': 'http://www.cnbc.com/live-tv/shark-tank'}, 'theprofit': { 'icon': 'icon-prime'  ,'url': 'http://www.cnbc.com/live-tv/the-profit'}}]","watch_live_tv":"http://www.cnbc.com/live-tv"}
			,pageNodeId: 104679114  // this property added for consistancy with Desktop, `nodeId` is depricated and must be retired
			,nodeType: 'partnerstory'
						,franchise : {
		  id: '10000878',
		  title: 'Insurance'
		}
				,homepageTrackingConfig:{header:true, footer:true, lead:true, secondaryLead:true, view:true, topicTown:true, dontMiss:true, marketData:true, madMoney:true, futuresNow:true, mostPopular:true, currencies:true, market:true, tradingNation:true}
				,is_universal_live_player: 1
				,brand: "cnbc"
		,jsVersion: "520"
};
                    </script>

        
																																																																																																																																																															<script type="text/javascript">
	CNBC_Settings.tags = ["Personal Finance","Insurance","Transportation","Natural Disasters","Commentary","Catastrophe","Donald Trump"];
</script>



                          <script type="text/javascript" src="https://surf.nbcuni.com/rdk/surf.js.php" data-rdk-url="/rdk/" data-config-key="cnbc"></script>
                
        <script type="text/javascript">
                        
                








            
            	        	                	                
																			
			
	

	        
            

            
            
            
	

            	
					
			

	        	            
	        
			

			
		
            
		
            
                                                
                            
			
            
            /* JSInits */

            
                    
    

            

						

            			     		

                          
            
                window.cnbc = window.cnbc || {};
window.cnbc.pageModules = (window.cnbc.pageModules || []).concat([
	    {
	moduleId : 'xfinityExperienceSurf',
	initOn : 'load'
}
    ,	    {
	  'moduleId' : 'socialBar',
	  'initOn' : 'load',
	  'initData' : {
	  	templateName : 'story_simple',
	  	gigya_api_key : '2_Jx5rsFp18pauXYlKGzHQVpbahcR1iJ30bbyfqZsn69A6vbt3dQ7gYFCESWKMM1sP',
			socialBarTitle : 'Hurricane Harvey intensifies brewing flood-insurance crisis',
			containerID: 'social-tools-panel',
			pos : 'bottom',
		}
	}
    ,	    {
	moduleId : 'scrollPanel',
	initOn : 'load',
	initData : {
 		container: 'social-tools-panel' // element that will contain tabs. value can be a string (must be an element's ID), a DOM element or jQuery object -- Required
 		,transTime:50
		,respectiveContainer: true
		,hideIndex: true
	}
}
    ,	    {
	  'moduleId' : 'socialBar',
	  'initOn' : 'load',
	  'initData' : {
	  	templateName : 'story_simple',
	  	gigya_api_key : '2_Jx5rsFp18pauXYlKGzHQVpbahcR1iJ30bbyfqZsn69A6vbt3dQ7gYFCESWKMM1sP',
			socialBarTitle : 'Hurricane Harvey intensifies brewing flood-insurance crisis',
			containerID: 'social_bar_top',
			pos : 'top',
		}
	}
    ,	    {
	moduleId : 'tableSorter',
	initOn : 'view',
	moduleDomSelector : 'table.csvData, article table.quoteTable'
}
    ,	    {
		moduleId : 'Polls',
		initOn : 'load'
	}
    ,	    {
	moduleId : 'TaboolaRecirculationModule',
	
		initOn : 'load',
	
	initData : {
		
			taboola_url : '//cdn.taboola.com/libtrc/cnbc/loader.js'
		
		,taboolaParam: ''
	}
}
    ,	    {
	moduleId : 'TwitterPlatform',
	
		initOn : 'view',
		moduleDomSelector : '.twitter-timeline, .twitter-tweet'
	
}
    ,	    {
		moduleId : 'chartbeatMostPopular',
		initOn : 'view',
		moduleDomSelector : '#chartbeatWidget_102535788',
		initData : {
			refreshInterval : 300,
			chartbeatUrl : '//www.cnbc.com/id/102535788/services/mostpopular',
			containerId: 'chartbeatWidget_102535788'	,
			templateName: 'story_simple'		
		}
	}
    ,	    {
      moduleId : 'englargedImage',
      initOn : 'load',
      initData : {
      }
    }
    ,	    {
			moduleId : 'tinypassConfig',
			initOn : 'load',
			initData : {
				    "config": {       "aid": "o19WonOrHQ",       "rid": "PRO",       "endpoint": "https://buy.tinypass.com/api/v3",       "trackPages": true,       "debug" : false,       "signUpPage": "/pro-login-page"    },
       			"product": "web",
       			"templateName": "story_simple",
       			"containerSelector": "articlePayload",
       			"contentSection": "Insurance",
       			"contentAuthor": "",
       			"contentCreated": "2017-08-29T13:34:14-0400"
				}
		}
    ,	    {
	moduleId : 'signin',
	initOn : 'load',
	initData : {
		source : 'default',
		flow : 'header'
	}
}
    ,	    {
        
            moduleId : 'internationalization',
        
        
            initOn : 'load',
           
        initData : {
            config    : {"USA":{"edition":"USA","nid":"100746233","link":"/","name":"U.S. Edition", "msgName":"U.S.","mobileMsgName":"U.S.","mobileAlternate":"WORLD", "menuName":"U.S."},"WORLD":{"edition":"WORLD","nid":"100746255","link":"/id/100746255","name":"INTL Edition","msgName":"new international","mobileMsgName":"International","mobileAlternate":"USA", "menuName":"INTL"}}
            
        }
    }
    ,	    {
	  moduleId : 'symbolLookup',
	  initOn : 'focus mouseover',
	  moduleDomSelector : '.symbol-search input'
	}
    ,	    {
		moduleId : 'navigation',
		initOn : 'load'
	}
    ,	    {
	moduleId : 'footerdefault',
	initOn : 'view',
	moduleDomSelector : '#cnbc-footer-responsive'
}
    ,	    {
			moduleId : 'quoteStreaming',
			initOn : 'load',
			initData : {
				showInlineQuotes : false,
				showTableChart : true,
				showFutureChart : false,
				showTickerChart : false,
				showTickerNG : false,
				showTableChartNG : false,
				chartApiUrl : '//api-chart.cnbc.com/api/chart/chart.asp',
				quoteService : '//quote.cnbc.com/quote-html-webservice/quote.htm',
				quoteServiceParams : 'requestMethod=quick&exthrs=1&noform=1&fund=1&output=jsonp&symbols=',
				partnerId : 2,
				quoteUrl : '//quote.cnbc.com/quote-html-webservice/quote.htm' + '?partnerId=' + 2 + '&' + 'requestMethod=quick&exthrs=1&noform=1&fund=1&output=jsonp&symbols=',
				futureQuoteUrl : '//quote.cnbc.com/quote-html-webservice/fvquote.htm',
				futureQuoteParams : 'requestMethod=quick&noform=1&realtime=0&client=fairValue&output=jsonp&symbols=',
				futureUrl :  '//quote.cnbc.com/quote-html-webservice/fvquote.htm' + '?' + 'requestMethod=quick&noform=1&realtime=0&client=fairValue&output=jsonp&symbols=',
				settings : {
					streaming : true,
					streamingInterval : 10000
				}
			}
		}
    ,	    {
	moduleId : 'tabletFriendlyTouch',
	initOn : 'load'
}
    ,	    {
	  'moduleId' : 'lazyLoadFunctions',
      'initOn' : 'load'
	}
    ,	    {
                	moduleId : 'alerts',
                	initOn : 'load',
                	initData : {
                		alertInterval : 30,
						playerurl : '/watch-live-universal?forceStreamAkamai=true&premium=1&popout=true&autoplay=true&',
                        isMobile : false
					}
                }
    ,	    {
				moduleId : 'proAccountNotification',
				initOn : 'load'
			}
    ,	    {
    	moduleId : 'persistentSiteHeader',
    	initOn : 'load',
    	initData : {
    		product : 'web',
    		products : {
    			web : 'web',
    			mobile : 'mobile-touch'
    		}
    	}
    }
    ,	    {
	moduleId : 'lazyloadFragment',
	initOn : 'load'	
}
    ,	    {
	moduleId : 'lazyImageLoader',
	initOn : 'load'
}
    	]);
            

            </script>
        
		  <script id="javascript-lazy-loader" data-loader-url="https://js.cnbcfm.com/minify/js" type="text/javascript" src="https://js.cnbcfm.com/minify/js?modules=core&vn=520"></script>
		

        <!--  Scripts from the skin -->
                    							    		    			    				    				
					    						    					      			       		    				
					    						    					      			       		    				
					    						    					      			       		    				
					    						    					      			       		    				
					    						    					      			       		    				
					    						    					      			       		    				
					    						    					      			       		    				
					    						    					      			       		       		    		    			    				    				
					    						    					      			       		       		    		    			    				    				
					    						    					      			       		    				
					    						    					      			       		       		    				
                <!-- End of Scripts from the skin -->

        <!-- Global insert_cmsfooter -->
        <!-- MPS Global Footer Insert BEGIN -->
<!-- Start BounceX Tag -->
        <script>
        (function(d) {
            var e = d.createElement('script');
            e.src = d.location.protocol + '//bounceexchange.com/tag/1021/i.js';
            e.async = true;
            d.getElementsByTagName("head")[0].appendChild(e);
        }(document));
        </script>
<!-- End BounceX Tag -->

<!-- Quantcast Tag -->
<script type="text/javascript">
$(document).ready(function(){
  mps._queue.mpsloaded.push(function(){
    mps._log('**** LOADED: Quantcast - cnbc-global-footer-insert');
    if (window.mps) {
        var _qevents = _qevents || [];

        function nbcQuantcast() {
        var lb = "CNBC";
        lb+=(typeof mps.pagevars.cats[1] =="string" && mps.pagevars.cats[1].length > 0) ? ".Section." + mps.pagevars.cats[1]:"";
        lb+=(typeof mps.pagevars.cats[2] =="string" && mps.pagevars.cats[2].length > 0) ? ",CNBC." + "Sub Section." + mps.pagevars.cats[2]:"";
        return lb;
        }

        (function() {
        var elem = document.createElement('script');
        elem.src = (document.location.protocol == "https:" ? "https://secure" : "http://edge") + ".quantserve.com/quant.js";
        elem.async = true;
        elem.type = "text/javascript";
        var scpt = document.getElementsByTagName('script')[0];
        scpt.parentNode.insertBefore(elem, scpt);
        })();

        _qevents.push({
            qacct:"p-9eJ8k4iSzux46",
            labels: nbcQuantcast()
        });
    }
  });
 });
</script>

<noscript>
<div style="display:none;">
<img src="//pixel.quantserve.com/pixel/p-9eJ8k4iSzux46.gif" border="0" height="1" width="1" alt="Quantcast"/>
</div>
</noscript>
<!-- End Quantcast tag -->
<!-- START Parse.ly Include: DOM-Free -->
<script>
(function(d) {
  var site = CNBC_Settings.baseurls.cnbc_base_host||"cnbc.com", // replace with the domain of your site (e.g. parsely.com)
      b = d.body,
      e = d.createElement("div");
  e.innerHTML = '<span id="parsely-cfg" data-parsely-site="'+site+'"></span>';
  e.id = "parsely-root";
  e.style.display = "none";
  b.appendChild(e);
})(document);
(function(s, p, d) {
  var h=d.location.protocol, i=p+"-"+s,
      e=d.getElementById(i), r=d.getElementById(p+"-root"),
      u=h==="https:"?"d1z2jf7jlzjs58.cloudfront.net"
      :"static."+p+".com";
  if (e) return;
  e = d.createElement(s); e.id = i; e.async = true;
  e.src = h+"//"+u+"/p.js"; r.appendChild(e);
})("script", "parsely", document);
</script>
<script src="https://fm.cnbc.com/applications/cnbc.com/resources/files/2017/12/07/parsely_data_4.js"></script>
<!-- END Parse.ly Include: DOM-Free -->

<!-- AB Admiral BEGIN -->
<script id="ab-admiral">(function(a,b,c,d,e){e=a.createElement(b);a=a.getElementsByTagName(b)[0];e.async=1;e.src=c;a.parentNode.insertBefore(e,a)})(document,'script','//nervoussummer.com/40cad7fabed6c884e79a4e286d192a42212f95b4a2dcfe41771324064f6510a6d465b805e1308a6de2f29b32fce73dffe3ba2710980cb2e99b39d282fc0917');</script>
<!-- AB Admiral END -->

<!-- MPS Global Footer Insert END -->
        <!-- MPS ASYNC Application Component - Desktop Insert FOOTER BEGIN -->
<script type="text/javascript">
$(document).ready(function(){
  mps._queue.mpsloaded.push(function(){
    mps._log('**** LOADED: cnbc-cms-footer-insert');
      //<!-- begin FRANCHISE ONLY Ad Refresh -->
      if (mps.pagevars.type == 'franchise' && mps.pagevars.hline != "US Homepage" && mps.pagevars.hline != "International Homepage") {
          if (mps._detect) mpsopts.activerefresh = 1;
          if (mps.pagevars.cats.indexOf('markets') != -1) {
              mps.refreshAdsInterval(120, ['topbanner', 'topflex']);
              window.console && console.log('--[executed]--> MPS Set Ad Refresh (120s)');
          } else {
              mps.refreshAdsInterval(60, ['topbanner', 'topflex']);
              window.console && console.log('--[executed]--> MPS Set Ad Refresh (60s)');
          }
      }
      //<!-- end FRANCHISE ONLY Ad Refresh -->
      (function() {
          if ('mps' in window && mps.pagevars && CNBC_Settings.templateName == 'slideshow_one_page') {
              setInterval(function() {
                  mps.refreshAds('topflex');
              }, 60000);
          }
      })();

      //<!-- Global Web Index: BEGIN -->
      (function() {
          var js = document.createElement('script');
          js.src = '//gwiqcdn.globalwebindex.net/gwiq/gwiq.js';
          js.type = 'text/javascript';
          js.async = 'true';
          js.onload = js.onreadystatechange = function() {
              var rs = this.readyState;
              if (rs && rs != 'complete' && rs != 'loaded') return;
              try {
                  mps.gwiqSect = mps.pagevars.hline.replace(/\s+/g, "_").replace(/[\W]+/g, "");
                  gwiq.asyncjs("cid=c0234&section=" + mps.gwiqSect);
              } catch (e) {}
          };
          var s = document.getElementsByTagName('script')[0];
          s.parentNode.insertBefore(js, s);
      })();
  });
});
</script>
<!-- Global Web Index: END -->
<!-- Sharethrough Load: BEGIN -->
<script type="text/javascript" async defer src="//native.sharethrough.com/assets/sfp.js"></script>
<!-- Sharethrough Load: END -->
<!-- MPS ASYNC Application Component - Desktop Insert FOOTER END -->
        <!-- End Global insert_cmsfooter -->

        <!-- Wires Redirect Popup -->
        

        <!-- End Wires Redirect Popup -->
        

    </body>
</html>
