Posted on 08/29/2011 10:17:00 AM PDT by Free Vulcan
NEW YORK (MarketWatch) -- Shares of property and casualty insurers rose Monday after the damage from Hurricane Irene appeared to be less than the market had predicted.
Complete clarity on loss estimates will not be known for some time, but research firms say based on weaker-than-forecast wind speeds, particularly for the New York metropolitan area, the total loss for the sector is likely less than the initially expected range, which some had been pegging as tens of billions of dollars.
(Excerpt) Read more at marketwatch.com ...
Proof of media hype! The markets have the last word.
UNEXPECTED?
Drink!
What a bunch of wimps. It wasn’t even a hurricane by the time it got to New York and New England.
according to Paul Krugman that means there now won’t be a recovery
Now that thar's a conspiracy comment, son. Because we know there actually was, at one point, a hurricane floating around in the Atlantic.
So if the insurance companies banked on low losses and stock increases as a result, then they somehow knew the hurrican wasn't going to land.
Which means they knew it could be steered and/or broken up.
On the other hand, if that's the case, that's a lot of effort for a little stock jump. But what if it was supposed to hit - and was steered away, and broken up? Who steered it away? And who tried to make it hit?
And given that we're talking about moving a hurricane around, isn't that a description of weather warfare?
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