In the wake of Hurricanes Harvey, Irma, and Maria, the property and casualty insurance and reinsurance markets are positioned to step in and provide perhaps the largest series of storm-related payouts in history. And for the first time, certain financial investors will contribute to insurance payouts as well, as providers of alternative capital to the reinsurance markets. For many participants in the alternative capital market- or equivalently, the insurance-linked securities market- 2017 will represent the first major test of their risk selection and operational capabilities.