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Study: Hurricane Irene may cost $7 billion

Posted On Mon, September 12, 2011

A recent study from global reinsurance intermediary Aon Benfield found that insurance-related losses for Hurricane Irene may reach between $6.5 and $7 billion.

The storm killed nearly 50 people, caused significant damage and was the reason for as many as 8 million power outages. With many rivers flooding from storm surge, water-related problems abounded. But the storm still did not do what was expected of it.

"In some ways the situation could have been far worse," said Steve Jakubowski, Impact Forecasting's president. "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."

The areas affected by the storm - mostly along the Eastern Seaboard - may have significant changes in insurance rates due to the storm. The storm was only the latest in a series of natural disasters that have ravaged the United States over the course of 2011, including tornadoes, earthquakes and flooding.

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