Irene damage in billions, less than feared
Sun, 28 Aug 2011 18:34:09 GMT —
Insured damage from Irene will range between $2 billion and $3 billion, and the total losses will likely 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.