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Hurricane Irene was the 'Perfect Storm' for insurers in a different sense of the cliche. The weakened storm that spared New York city from major damage gave the wealthy and rarely hit Northeast enough of a scare because of ominous weather forecasts leading up the storm that property insurers will be able to raise pricing even more next year, according to a Morgan Stanley analyst.
Hurricane Irene will take a very small bite out of a U.S. economy already struggling with debt and unemployment after businesses across the East Coast closed their doors ahead of the deadly storm.
Beaches along the Atlantic coast took a beating over the weekend from Hurricane Irene, which caused heavy damage to some popular seaside tourist towns while sparing others the worst of its powerful wind and waves.
CNBC's Bertha Coombs looks at the impact of Irene on the Port of Balitimore, one of the largest on the East Coast. NJ Transit announces it will not operate Monday. Also, CNBC's Darren Rovell looks at the impact on the economy of Montauk, a haven for the rich and famous on Long Island. Ron Pohl, sr. vp, Best Western International, talks about how Irene has affected his company's revenue and possibly, earnings. And Scott Durchslag, Expedia Worldwide, talks about the impact on the overall travel industry.
Michael Brown, Cold Creek Solutions and former FEMA director, discusses whether officials went overboard in warning residents on the East Coast.
Irene is the country's tenth multi-billion-dollar disaster this year. CNBC's Brian Shactman looks at the impact the blizzards, tornadoes, and now hurricanes, have had on the insurance industry in the U.S. Chuck Watson, Kinetic Analysis Corporation, discusses the dollar damages face by insurance companies, and how they've worked to mitigate losses. The storm, it turns out, was not nearly as bad as was expected.
CNBC's Bob Pisani and Phil LeBeau discuss opening Wall Street and the airlines, respectively. And former American Airlines Chairman & CEO Robert Crandall discusses the logistics of getting airlines and airports back up and running. And millions of homes on the East Coast are currently without power.
Damage from Irene appears to be less than feared, a bit of reassuring news for a fragile economy.
From North Carolina to Pennsylvania, Hurricane Irene appeared to have fallen short of the doomsday predictions. But with rivers still rising, and roads impassable because of high water and fallen trees, it could be days before the full extent of the damage is known.
Although, initially a Category 1 hurricane and now only a tropical storm, Irene is testing flood-level records in New York City and in much of the Northeast, raising casualty loss estimates to $20 billion. Two days of lost economic activity, over a period of a week, is almost certain, and adds another $20 billion. Longer term, rebuilding and postponed business activity will make up much of the near term impact on the economy.
Hurricane Irene and the closure of at least 1,000 theater locations along the East Coast is expected to put a dent in this weekend's domestic box office.
From emergency preparation to landfall, see how the Northeast is impacted by Hurricane Irene.
With more than 50 million people potentially in Hurricane Irene's path, residents along the US east coast stocked up on food and water and worked to secure homes, vehicles and boats.
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