Irene could cost insurers up to $3 billion

TRD New York /
Aug.August 29, 2011 09:30 AM

New Yorkers, for the most part, were spared from Hurricane Irene, which was downgraded to a tropical storm from Category 1 hurricane status this past Saturday night, the International Business Times reported.

Still, tens of thousands of homes in the city, and about a million people in New York State, lost power. Flooding was serious in parts of the city, made worse by the collapse of retaining walls. Water washed over docks on the West Side of Manhattan, Orchard Beach in the Bronx, the eastbound Belt Parkway and elsewhere.


The storm
will likely cost insurers $1.5 billion to $3 billion to cover claims for damaged homes, vehicles and businesses, said Jose Miranda, director of client advocacy at Eqecat, a catastrophic risk management firm in Oakland, Calif. Total damage, including uninsured losses, could range from $5 billion to $7 billion, he said.

The U.S. government estimated that the cost from wind damage alone will exceed $1 billion. [IBT]


Related Articles

arrow_forward_ios
SoFla real estate deals on hold: Insurers delay closings ahead of Hurricane Dorian

SoFla real estate deals on hold: Insurers delay closings ahead of Hurricane Dorian

Lemonade CEO Daniel Schreiber and Frankfurt, Germany (Credit: iStock)

Tech-driven insurer Lemonade set to expand into Europe

“No one should be lending for 30 years in most of Florida,” financial climate analyst warns

“No one should be lending for 30 years in most of Florida,” financial climate analyst warns

Insurance premiums could rise as more extreme storms hit coastal markets

Insurance premiums could rise as more extreme storms hit coastal markets

In wake of California wildfires, at-risk homeowners turn to surplus insurers

In wake of California wildfires, at-risk homeowners turn to surplus insurers

Rental insurance startup Jetty raises $25M in Series B

Rental insurance startup Jetty raises $25M in Series B

Reinsurers want rates raised after natural disasters tally billions in real estate damage

Reinsurers want rates raised after natural disasters tally billions in real estate damage

Why Hurricane Michael is a test for Florida’s odd property insurance market

Why Hurricane Michael is a test for Florida’s odd property insurance market

arrow_forward_ios
Loading...