Hurricane Irma, Most Expensive Storm in US History?
$DIA, $SPY, $QQQ, $VXX
Hurricane Irma, a category 5 Storm rolling across the Atlantic, is on a path to strike Florida and could be the most expensive storm in US history, a weather expert predicted.
Given the potential magnitude of this storm as well as the potential to impact a highly populated area, we think Irma’s insured damage in Florida could be the largest ever in the US, perhaps equivalent to Hurricane Katrina, a insurance analysts wrote.
“In a worst-case scenario, catastrophe modelers AIR Worldwide and Karen Clark and Co. estimated a repeat of the Y 1926 Miami hurricane could result in $125-130-B of insured damage.”
Hurricane Katrina, which devastated the New Orleans area in Y 2005, cost insurance companies an inflation-adjusted $50-B.
Hurricane Harvey ended up dumping more than 50 ins of rain on parts of the Houston area last week.
A study showed that said that storm might cost insurance companies somewhere around $10-B, even though though the estimated damage could eclipse $35-B.
Irma had sustained winds of 185 mph as of Tuesday afternoon, which makes it 1 of the most powerful Atlantic Ocean hurricanes in history.
Florida has declared a state of emergency and is bracing for a direct hit this weekend.
Tuesday, the major US stock market indexes finished at: DJIA -234.25 at 21754.61, NAS Comp -59.76 at 6375.55, S&P 500 -18.70 at 2459.30
Volume: Trade on the NYSE came in at: 901-M/shares exchanged.
- NAS Comp +18.4% YTD
- DJIA +10.2%
- S&P 500 +9.7% YTD
- S&P Midcap 400 Index +3.5%
- Russell 2000 +3.3%
Overall HeffX-LTN analysis of the DIA, SPY and QQQ is Neutral in here.