Blackout No Mega-Cat: Experts
The massive blackout of Aug. 14–the biggest in U.S. history that knocked out electrical power in much of the Eastern United States and parts of Canadawont significantly impact U.S. insurers, according to industry watchers.
To be sure, the insurance industry is bound to see some losses, since the power outage affected areas that included roughly 50 million residents. And a recent estimate by Brattle Group, a Cambridge, Mass.-based research firm, put the overall economic loss from the blackout at around $6 billion nationwide, including business income losses as well as lost goods and services.
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