Insurance Companies To Raise Premiums Due to Hurricane Irene

By on Aug 31, 2011 in Business, Finance, United States, World Comments

Insurance companies are expected to raise premiums after the estimated $7 billion losses from damages brought about by Hurricane Irene and other natural calamities.

According to reports by several international news sites on Tuesday, August 30, 2011, customers may face higher premiums after Hurrican Irene.

Big insurance companies are reportedly having a profitable year despite several billions paid out for floods, tornadoes and earthquakes. Higher premiums on high-risk areas contributed to insurance companies’ profit.

On Monday, August 29, stocks of big insurance companies went up after getting a lesser damage from hurricane Irene.

Hurricane Irene is the 10th US weather disaster in 2011, the most number in 30 years according to the National Weather Service.

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