Initial 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 More