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…
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Irene 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…
Read MoreAIR Worldwide Estimates Insured Losses in the Caribbean from Hurricane Irene at
BOSTON, Aug. 26, 2011 -AIR Worldwide estimates that insured losses in the Caribbean from Hurricane Irene will be between USD 500 million and USD 1.1 billion. AIR expects the Bahamas will account for more than 60% of the insured loss-between USD 300 million and USD 700 million. This estimate includes wind and precipitation-induced flood damage to insured onshore residential, commercial and industrial properties (and their contents), automobiles, and business interruption losses in the Bahamas, Puerto Rico, Dominican Republic, Turks and Caicos, and other Caribbean territories. Hurricane Irene has exited the…
Read MoreHurricane Irene Batters Bahamas on Way toward U.S. East Coast
BOSTON, Aug. 25, 2011 – According to catastrophe modeling firm AIR Worldwide, Hurricane Irene is passing through the central Bahamas islands this morning after a night of battering the southern islands with heavy rains and strong winds. At the time of the National Hurricane Center’s 8:00 am EDT Advisory, Category 3 Hurricane Irene was about 65 miles east-northeast of Nassau, the capital and largest city of the Bahamas. Irene’s maximum sustained winds are 115 miles per hour with higher gusts. Hurricane-force winds extend outward up to 70 miles from the…
Read MoreIrene Strengthens to Category 3 Hurricane as it Advances Into the Bahamas
BOSTON, Aug. 24, 2011 — As of the National Hurricane Center’s 8:00 am EDT advisory, Category 3 Hurricane Irene is battering the southern Bahamas with sustained winds of 115 mph. According to catastrophe modeling firm AIR Worldwide, Irene is currently 55 miles southeast of Acklins Island and 335 miles southeast of the capital Nassau. The storm is moving to the west-northwest at 9 mph. The center of the storm is headed directly for the Crooked and Acklins Islands, both sparsely populated (estimated population about 880 combined) and characterized by agriculture…
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