Irma insured loss esitmates of $25-30 billion 'relatively low' - risk expert
Downgraded from a hurricane to a tropical storm, Irma will continue to cause damage to the communities the storm hit, affecting businesses and commerce and incurring insurance losses on a huge scale, a risk expert told Reuters on Monday (September 11).
Downgraded from a hurricane to a tropical storm, Irma will continue to cause damage to the communities the storm hit, affecting businesses and commerce and incurring insurance losses on a huge scale, a risk expert told Reuters on Monday (September 11).
"Irma's effect will ripple through economy," said Andrew Boyarsky, who runs risk, operations and emergency management programs at Yeshiva University. He added all sectors of local economies are affected, from schools to transportation.
Boyarsky said estimates for total insured loses in the $25-30 billion range from the storm were "relatively low".
Irma hit Florida after powering through the Caribbean as a rare Category 5 hurricane, the top rung of the Saffir-Simpson scale. It killed 38 people, including 10 in Cuba, which was battered over the weekend by ferocious winds and 36-foot (11-meter) waves.
Irma flooded several northern Florida cities with heavy rain and a high surge of seawater on Monday, as residents of the part of the state first walloped by the storm tried to return to their homes.
Once ranked as one of the most powerful hurricanes recorded in the Atlantic, Irma cut power to millions of people and ripped roofs off homes as it hit a wide swath of Florida over the past day.
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