NU Online News Service, Sept. 1, 2:27 p.m. EDT

Hurricane Irene is expected to be primarily an insurance event, rather than a reinsurance event, given the "relatively moderate level of insured losses" expected, according to Moody's Investors Service.

In a Special Comment on the hurricane, Moody's says it expects high claim volume from the storm, with low severity. "Given the lower-than-expected wind speeds, most damage to homes is likely to be fairly moderate," Moody's says.

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