The 2017 North Atlantic hurricane season still has about five weeks to go, but it’s already one of the most expensive on record.
According to Gavin Magor, a senior financial analyst at rating agency Weiss Ratings, claims on damages caused by Hurricane Harvey will cost from US $160- to $190-billion, and Irma will cost $50- to $60-billion. This toll makes the two storms more expensive than 2005, when four hurricanes caused $143-billion in damages. It’s just as bad for some of the islands in the Caribbean, with an early estimate putting the damage from Irma at $10- to $13-billion, the most expensive storm on record in the region.
Such massive expenses force the question: can the United States afford to take another hit? Read More.