NU Online News Service, Aug. 30, 12:00 p.m. EST
Hurricane Irene should not cause significant losses for commercial insurers, but it shows that the Northeast is susceptible to tropical cyclones, justifying recent rate increases in the region, says Duncan Ellis, U.S. Property Practice Leader for insurance broker Marsh.
In an interview with NU Online News Service, Ellis says Hurricane Irene will probably prove to be primarily a homeowners' event, but on the commercial side, affected businesses will most likely be close to residential areas such as hospitals and medical facilities, big box stores, and shopping malls.
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