Insured losses from Hurricane Irene to total $7 billion
A new study is revealing the kinds of losses homeowners insurance companies will sustain in the wake of Hurricane Irene.
According to Aon Benfield, insured losses in the U.S. from Hurricane Irene are expected to be up to $7 billion.
While the storm wasn't as damaging as predicted, its impact led to the deaths of nearly 50 people, injuring dozens more and leaving millions of East Coast residents in the dark for days.
Acknowledging that the U.S. was hard hit in August, Steve Jakubowski, president of Impact Forecasting, said things could have been far worse.
"Hurricane Irene was initially expected to make landfall as a more significant storm, highlighted by the extensive measures taken by many states to evacuate residents and ensure that structures were secured," said Jakubowski. "In the end, Irene weakened prior to coming ashore and the resultant damage is perhaps many times less than would have been the case had Irene remained a major hurricane at landfall."
Meanwhile, environmental disasters continue to be prevalent into September, as significant flooding is occurring in Pennsylvania and wildfires rage in Texas.
Related Home Insurance Articles:
- Homes destroyed by Nevada wildfire May 23, 2012
- Researchers hope to better understand tornado damage May 22, 2012
- Total costs from Minneapolis tornado reach $80 million May 21, 2012
- Analysis shows more than $2B of insurance claims from Joplin tornado May 18, 2012
- Recovery continues for Michigan tornado victims May 17, 2012
