Hurricane Irene has come and gone but the storms effects may linger for several years. To date, the storm accounts for an estimated $7 billion in damages throughout the East Coast, making it one of the most costly natural disasters to strike the nation. The costs of damage are expected to influence property insurers who have long been leery of offering coverage to homes and businesses in risk prone areas. Consumers may be seeing higher premiums this year as a result of the hurricane. Higher premiums have been the theme…
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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 MoreInsurance companies brace for claims following hurricane Irene
Claims adjusters and other insurance company personnel are preparing to receive a flood of insurance claims now that Hurricane Irene has progressed north along the East Coast and through New England and into Canada. Insurers will begin performing their assessments as soon as the effects of the hurricane have passed through the northeastern states. If the impact of the hurricane is as wide as forecasted, the losses from insurance claims could total billions of dollars. Insurance companies appreciate the efforts that their policyholders are taking to help to keep any…
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…
Read MoreIrene Makes Landfall Near Cape Lookout, North Carolina
BOSTON, Aug. 27, 2011 – According to catastrophe modeling firm AIR Worldwide, the eye of Hurricane Irene made landfall near Cape Lookout, North Carolina at about 7:30 am EDT, Saturday, August 27. As of the National Hurricane Center’s (NHC) 11:00 am advisory, Irene-now a Category 1 storm (down from Category 2 status yesterday)- Irene is moving to the north-northeast at about 15 mph, and this forward motion is expected to continue over the next 24 hours. “Maximum sustained winds are near 85 mph,” said Dr. Tim Doggett, principal scientist, AIR…
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