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.

Stay tuned…

  damage, DIA, DJIA, expensive, Florida, history, Irma, QQQ, SPY, stocks, storm, VXX

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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