Sep 2010 Financial News

Bermuda’s insurance industry expects big hurricane bill

Sep 22, 2010

HAMILTON, Bermuda (CMC) — Insurance companies have been busy processing claims from policyholders who suffered damage during the passage of Hurricane Igor and were predicting that it could cost them in the vicinity of US$100 million.

Despite the cost, one cabinet minister said, Bermuda “dodged a bullet” and Governor, Sir Richard Gozney, praised Bermudians for obeying safety measures during the prolonged battering from the hurricane over the weekend.

“You showed the world how things should be done. You prepared well and you kept your heads down indoors on Sunday night with or without a bottle of something special. You showed the world how things should be done.”

Igor, an unusually large and dangerous storm, weakened to a Category One hurricane on Sunday before veering more to Bermuda’s west than expected. But it still packed a punch.

The island suffered major beach erosion, 28,000 of 35,000 homes lost power and many trees were uprooted across the island which also suffered flooding in various parts. A government tender used to ferry cruise ship passengers ashore came loose in St George’s and ended up on the rocks.

But there were no reports of deaths or injuries as compared to a smaller but more powerful hurricane, Fabian, which killed four people here in 2003.

“As Governor, I should like to add my own warm gratitude to all members of the police, regiment, the Parks Department, Works and Engineering, Bermuda Electric Light Company and all these others who helped to guide the preparations for facing Hurricane Igor, and for beginning the clear-up so promptly on Monday,” Gozney said.

He thanked the officers onboard the HMS Manchester, the Royal Navy destroyer which steamed up from the Caribbean to assist in the post-hurricane clean-up.

Public Safety Minister David Burch, who warned last week that Igor would be largest hurricane ever to hit the island, said “Bermuda seems to have dodged a bullet in a significant way”, while Premier and Tourism Minister Ewart Brown said he believed “Bermuda will be back in business by the end of the week”.

CMC


Source:
Jamaica Observer
Wednesday September 22, 2010

http://www.jamaicaobserver.com/news/Bermuda-s-insurance-industry-expects-big-hurricane-bill