Hurricane Irene Could Be Multi-Billion Dollar Event for Insurers

Following is an excerpt of a news article written by Chad Hemenway of AdvisorOne’s sister publication, PropertyCasualty360.

Hurricane Irene is expected to be a multi-billion dollar event for the insurance industry, says Robert Hartwig, president of the Insurance Information Institute.

“It looks like Hurricane Irene, at this point, is going to be a significant hit, likely a multibillion dollar storm that is a large event, certainly for the East Coast, but well within the planning scenario for [property and casualty] insurers and re-insurers,” Hartwig says.

Alex Sosnowski, expert senior meteorologist at AccuWeather.com says Hurricane Irene could be among the “worst hurricane impacts in 50 years along the northern part of the Atlantic Seaboard.”