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 MoreTag: hurricanes insurance
Hawaii’s hurricane fund in jeopardy of being drained
Hawaii may lose their state hurricane fund in an attempt to balance a 232 million dollar deficit. The fiscal year ends in three months and state officials are scrambling to find a way to balance the budget. One approach that is being considered is to use part of, or all, of the 117 million dollars sitting in the hurricane relief fund. The state fund was started after the 1992 disaster from hurricane Iniki, which caused most insurers to stop writing policy coverage for hurricanes and related damage. It took 10…
Read More