The Federal Deposit Insurance Corporation (FDIC) announced the closing of three small banks this week, bringing this year’s total to 80 nationwide. Banks, both large and small, have been closing at a rapid pace, most unable to recover from the financial disaster wrought by the 2008 recession. In 2010, the agency shut down a total of 157 banks, costing billions of dollars in insured losses to the federal government. Officials say that the pace of bank closures has slowed for the time being, but that the economic pressure caused by…
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AIR Revises Its Industry Insured Loss Estimates for Hurricane Irene in the Bahamas Based on Updated Information Concerning Insurance Penetration
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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