This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Irene Threatens Havoc In New York

NEW YORK ( TheStreet) -- Insurers could be facing trillions of dollars in losses as Hurricane Irene moves north towards New York.

According to data compiled by catastrophe risk modeling agency AIR Worldwide, New York has over $2.3 trillion of insured coastal property, and the category-3 storm -- now considered a "major" hurricane -- appears to be headed directly for it.

Tide levels in the Bahamas - where Irene was focused Wednesday morning -- were expected to reach as high as 11-feet above normal, the National Hurricane Center said.

Forecasters say the storm may now head in a more northwesterly direction, which would put it roughly in line with the North Carolina coast. However, federal and state authorities have advised residents in other places not to be complacent, warning the hurricane will likely affect nearly every state along the East Coast.

According to the AIR data, there is an additional $2 trillion in insured coastal property now also at risk across the Carolinas, Maryland , Virginia, New Jersey, Rhode Island, Massachusetts, New Hampshire and Maine.

Analysts at Sandler O'Neill say State Farm, with roughly 18% market share, is the most exposed insurer should Irene make landfall in the Carolinas as anticipated on Saturday. Nationwide Mutual has 10% market share across the three states while Allstate (ALL - Get Report) and Travelers (TRV - Get Report) Companies have 9% and 8% respectively.

After Saturday, Irene may pose a threat to Long Island and the New England coastline, according to forecasters at the weather underground ( site.

Denis Feltgen of the National Hurricane Center says it's still too early to pin down Irene's exact path. "As the storm turns it's possible it may remain offshore but its effects could still be felt with heavy rains, beach erosion, possible flooding and tree and power light damage. Those are all the potential impacts," he told TheStreet, Wednesday.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
ALL $65.05 0.00%
TRV $109.90 0.00%
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs