Tags: Irene | Economy

Damage From Irene Appears Less Than Feared, but Losses Estimated at $7 Billion

Sunday, 28 Aug 2011 01:58 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

WASHINGTON — Insured damage from Irene will range between $2 billion and $3 billion, and the total losses probably will be about $7 billion, according to preliminary estimates by Kinetic Analysis Corp. a consulting firm.

Both figures are less than had been feared, a bit of reassuring news for a fragile economy.

Still, the long-term costs of Irene will likely grow as storm-ravaged areas deal with lost business, insurance claims, dislocated workers and transportation disruptions — costs that will take months to fully calculate .

The preliminary estimate from Kinetic Analysis, based in Silver Spring, Md., suggests that Irene will have caused far less insured damage than the $6 billion the industry paid out after Hurricane Isabel struck the East Coast in 2003.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Doctor Treated for Ebola to Be Discharged From Atlanta Hospital

Thursday, 21 Aug 2014 08:16 AM

At least one of the two American aid workers who were infected with the deadly Ebola virus in Africa has recovered and w . . .

Employer: Kidnappers Threatened Foley's Life Last Week

Thursday, 21 Aug 2014 07:59 AM

The chief executive officer of a Boston-based news organization says James Foley's kidnappers last week threatened to ki . . .

Pentagon: Disclosure of Foley Rescue Attempt 'Makes Our Job Harder'

Wednesday, 20 Aug 2014 19:30 PM

U.S. Special Forces attempted to free James Foley, the American journalist beheaded by the Islamic State (ISIS), earlier . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved