BOSTON, Sept. 15, 2011, — Catastrophe modeling firm AIR Worldwide has revised its industry insured loss estimates for Hurricane Irene’s impact in the Bahamas to between USD 200 million and USD 400 million (previously USD 300 million to USD 700 million). AIR’s loss estimates for other countries in the Caribbean remain unchanged as do the estimates for losses from Irene in the United States. With the new estimates for the Bahamas, AIR now estimates industry insured losses for all impacted Caribbean countries at between USD 400 million and USD 800…
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FEMA pulls disaster funds from the South to help the East Coast
The Federal Emergency Management Agency (FEMA) has announced that it will be freezing some of the disaster aid for the Southern U.S. in order to focus more resources on the East Coast to help the recovery effort in the wake of Hurricane Irene. Many Southern states are still struggling to recover from disastrous events earlier in the year. As Tropical Storm Lee surges through these states, Missouri Governor Jay Nixon is looking for answers. Ahead of the storm, Nixon has issued a letter to FEMA challenging the agency to justify…
Read MoreFlooding costs from Hurricane Irene to be covered in part by taxpayer dollars
As Hurricane Irene bowled through the east coast, it left behind a path of destruction caused by its high winds and rains, with initial estimates for the damage ranging from $2 to $7 billion. That said, much of the bill for rebuilding will be covered by taxpayer dollars. The reason for this additional cost to taxpayers is that the majority of home and business owners in the Northeast don’t have coverage for flooding caused by hurricanes, and the federal insurance program is already facing a debt worth billions of dollars.…
Read MoreInitial estimates put Irene’s damage at $7 billion overall, earning the hurricane a spot among the nation’s costliest disasters
As Hurricane Irene dwindles into a tropical storm, insurers on the East Coast are left with tallying the damage. The insurance industry has already seen massive losses from natural disasters this year. These losses put the industry on unstable ground, but insurance companies remained solvent and stable. The Kinetic Analysis Corporation, a company specializing in estimating the impact of both natural and man-made disasters, has released early estimates regarding the cost of Hurricane Irene. According to the company, the storm may have caused some $7 billion in damages. Irene was…
Read MoreIrene Weakens to Tropical Storm as it Makes Landfall on New York’s Coney Island
BOSTON, Aug. 28, 2011 – According to catastrophe modeling firm AIR Worldwide, Irene deviated slightly from the NHC forecast track yesterday, taking a slight westward shift before resuming its north-northeast direction. This brought the center of the storm into New Jersey, near Little Egg Inlet, for its second landfall at 5:30 am this morning. Sustained winds, as reported by the NHC, were 75 mph. “It is worth noting, however, that as yet there have been no onshore wind observations of greater than tropical storm force since Irene made landfall near…
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