While Hurricane Irma, which was reclassified as a tropical storm early Monday, spared Miami from a "worst case" scenario, the former hurricane saved some of its worst storm surge impacts for northeast Florida, coastal Georgia, and South Carolina.
Authored by Michael Snyder via The Economic Collapse blog,
Two major hurricanes, unprecedented earthquake swarms, and wildfires roaring out of control all over the northwest United States – what else will go wrong next?
As much of Florida is left flooded and without power from this weekend's hurricane, the damage across much of the Caribbean goes well beyond water damage and downed power lines with many describing the devastation left by Irma as "end-of-the-world times." As one resident of St. John in the U.S. Virgin Islands told the Washington Post, "it was beyond rough times, it was end-of-the-world times...everything normal to us has been destroyed."
After tumbling last week on concerns that between damage from Harvey and Irma, losses for the P&C space would be devastating, today the broader insurer space is breathing a sigh of relief after the Hurricane's damage reportedly underwhelmed, especially following some especially dire observations over the weekend from the likes of Torsten Jeworrek, member of the board of the German reinsurance giant Munich Re, who on Sunday said that Hurricane Irma is proving to be a “major event” for Florida and the insurance industry.
Authored by Charles Hugh Smith via OfTwoMinds blog,
Almost lost in all the dollar estimates of property damage is the human loss, suffering and stress.
I am not an expert in repairing flood damage, or in dealing with insurance companies, FEMA or all the other pieces that will go into homeowners getting the funding needed to repair or rebuild their homes.