Bloomberg News

New York’s Suffolk County has Top Irene Cost, Verisk Says

October 17, 2011

(Updates with Nassau, Monmouth in fifth paragraph.)

Oct. 17 (Bloomberg) -- New York’s Suffolk County suffered the most insured property damage of 191 U.S. jurisdictions affected by Hurricane Irene, Verisk Analytics Inc. said.

Suffolk and Dare County, North Carolina, each had more than $200 million in losses, according to a statement today from Verisk, the provider of data for the insurance industry.

Chubb Corp. and Allstate Corp. are among insurers that said they may face higher than usual third-quarter costs from Irene, which lashed the U.S. East Coast in August. The storm was the first hurricane to strike the country since 2008 and damaged property from North Carolina to New York.

“In my 31-year career, I have never encountered such a confluence of extreme weather events in one quarter,” said Gregory Murphy, the chief executive officer of Selective Insurance Group Inc., in a statement last week.

Selective had about $70 million in third-quarter catastrophe costs, most of it from Irene, the Branchville, New Jersey-based company said in the statement. Its main territory includes New Jersey, Pennsylvania, New York and Maryland.

Nassau County, New York; Monmouth County, New Jersey and Worcester County, Maryland, were among the three other counties with more than $150 million in damage, Verisk said.

--Editors: Dan Kraut, Steve Dickson

To contact the reporter on this story: Maryellen Tighe in New York at mtighe6@bloomberg.net

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net


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